Crude Oil Rises on Reported OPEC Supply Cut, Stimulus Packages

Nov. 21 (Bloomberg) -- Crude oil rose for the first time in six days as OPEC members cut production and governments step up efforts to revive economic growth.
The Organization of Petroleum Exporting Counties will trim supplies by 3.8 percent this month as members implement an October agreement, according to consultant PetroLogistics Ltd. The group will meet next week to discuss further reductions. The Bank of Japan said today it will consider pumping more money into the financial system.
“Shipping reports are showing that OPEC is starting to adhere to quotas, which is supporting prices,” said Gene McGillian, an analyst at Tradition Energy in Stamford, Connecticut. “Their meeting in eight days is going to hang over the market.”