MW: Oil futures rally 7% on possible OPEC output cut
By Polya Lesova
NEW YORK (MarketWatch) -- Oil futures rallied 7% early Monday, buoyed by comments from OPEC President Chakib Khelil that the oil cartel could deliver a "severe" production cut at its meeting later this month. Crude oil for January delivery soared $2.72, or 6.7%, to $43.55 a barrel in electronic trading on Globex. Last week, oil prices lost 25%, the biggest decline since the Persian Gulf War in 1991, amid heightened concerns over a slowdown in energy demand.
