Kuwait says oil price to rise in few days: paper

12 Jan, 2009

Oil prices are expected to rise in coming days as Opec's output cuts kick in and demand rises because of cold weather, a Kuwaiti oil official said in remarks published on Sunday.
The Organisation of the Petroleum Exporting Countries (Opec) agreed last month to its deepest ever single supply cut of 2.2 million barrels per day to halt a plunge in oil prices of more than $100 from a peak last July that topped $147 a barrel.
Oil prices fell 2 percent on Friday after a big rise in US unemployment deepened the gloomy outlook for the world's biggest oil consumer, with US crude settling at $40.83.

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