OIL SHARPLY HIGHER
March 12th, 2009Via: AP:
Oil prices spiked 11 percent Thursday as rumors swirled that Russia would join OPEC in slashing crude production.
Benchmark crude for April delivery rose $4.77 to $47.10 a barrel on the New York Mercantile Exchange. In London, Brent prices gained $3.13 to $44.53 on the ICE Futures exchange.
Analyst and trader Stephen Schork said investors latched onto reports that Russian officials would join OPEC ministers at its meeting Sunday in Vienna. The move may signal that Russia would join other crude producers in squeezing off production to balance weakening global demand.
