NEW YORK – Oil prices swung back above US$69 a barrel yesterday, rebounding from a 16-month low as the Organisation of Petroleum Exporting Countries (OPEC) members met to decide whether to slash production to halt crude's slide.
Members of OPEC were gathering in the Austrian capital of Vienna ahead of official talks today. Iranian oil minister Gholam Hossein Nozari called on the cartel to cut by two million barrels a day to stop a steep slide that has left prices more than 50 per cent lower than their peak of US$147.27 on July 11. (AP)
