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Oil rises above $40 on Israeli attacks, dollar

(Agencies)
Updated: 2008-12-29 21:26

OPEC compliance

Oil had broken a nine-session losing streak on Friday partly on evidence of OPEC compliance with its biggest ever production cut.

Related readings:  Oil prices steady at $44 ahead of OPEC meeting  Iran's president concedes oil prices hurt economy  Oil prices rise above $50 on Obama economy team  World markets, oil prices decline Thursday

The Abu Dhabi National Oil Co, the UAE's main producer, said it would cut January and February oil exports by much more than some refiners had expected.

The allocations were some of the first hard evidence that Gulf exporters were implementing the Organization of the Petroleum Exporting Countries' December 17 deal to cut supplies by 2.2 million barrels per day. Top exporter Saudi Arabia had informed its customers of cuts even before the meeting.

OPEC has cut output three times in an effort to remove about 5 percent of world supply to halt the slump.

OPEC President Chakib Khelil said on Saturday he expected oil prices to stabilize within the next two months after the output cuts.

Oil is down more than $100 a barrel from a record peak of more than $147 in July, depressed by the downturn in the world economy, which has hit demand for fuel.

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