OPEC's oil benchmark rises back above $50/bbl Monday

London (Platts)--22Nov2005

OPEC's oil-price benchmark rebounded from a five-month low and back above
$50/bbl, the cartel said Tuesday, boosted by colder weather in the US and
Europe that is likely to increase demand for heating fuel.
     OPEC's basket of 11 crudes rose to $50.15 Monday from $49.49 Friday, OPEC
said in a statement. Friday's price was the lowest since $49.30 reached on Jun
1, according to Platts data.
     The price slide peak has prompted speculation OPEC would call for supply
cuts. But several OPEC officials since last week have downplayed talk of
lowering output. The group's oil ministers meet Dec 12 to set supply policy.
     OPEC's benchmark comprises Algeria's Saharan Blend, Indonesia's Minas,
Iranian Heavy, Iraq's Basra Light, Kuwait's Export, Libya's Es Sider,
Nigeria's Bonny Light, Qatar's Marine, Saudi Arabia's Arab Light, Murban of
the UAE and Venezuela's BCF 17.

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