Oil rises on OPEC cut talk, wider market gains
Reuters -Published: Tuesday, November 18, 2008
NEW YORK (Reuters) - Oil prices rose on Tuesday as part of a wider market rally and as OPEC mulled cutting oil production again to stem a slide that has sent prices to 22-month lows.
U.S. stocks rose as computer maker Hewlett-Packard's reassuring quarterly results and an upbeat profit forecast tempered worries about the global economic slump and uncertainty about aid for U.S. carmakers.
U.S. crude rose 49 cents to $55.44 a barrel by 12:10 p.m. EST (Nov 18), after earlier dropping to $54.13, the lowest level since January 2007.
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