"We have had a pretty sharp run to the downside and this is a short covering bounce at the end of the [volatile trading] week,"
(a London-based broker said on Friday's move to the upside.)
"We do not think that OPEC will have moved its meeting from Mid-November to next Friday if it had not already decided on a cut,"
(Oliver Jakob of Petromatrix said in a report. OPEC president Chakib Khelil said late Thursday that it was obvious that the cartel needed to cut supply as demand has weakened and oil prices have plummeted.)
Updated: October 17, 2008
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