Oil Prices Reverse Monthlong Decline

Crude reaches nearly $37 after UAE's cuts
By Jason Farago,  Newser Staff
Posted Dec 26, 2008 7:44 AM CST
Mohamed bin Dhaen Al Hamli, United Arab Emirates minister of energy and president of the 146th OPEC Conference, delivers the opening speech in Abu Dhabi, United Arab Emirates.   (AP Photo/Kamran Jebreili)
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(Newser) – Oil prices rose today—after dropping more than 30% this month alone—as the United Arab Emirates joined Saudi Arabia in curbing crude supplies, reports Reuters. Crude oil rose as much as $1.55 a barrel, or 4.4%, to $36.90 in New York this morning. The UAE cut was larger than expected and comes after oil tumbled further on Christmas Eve on grim American economic figures. Last week, OPEC ordered its biggest-ever cut in production.