Oil edges towards $US50/bbl

OIL prices surged about 10% last night as OPEC called for more production cuts and the greenback weakened further against the euro.

Oil edges towards $US50/bbl Oil edges towards $US50/bbl Oil edges towards $US50/bbl Oil edges towards $US50/bbl Oil edges towards $US50/bbl

New York's Western Texas Intermediate settled at $US47.77 a barrel after touching a high of $48.94.

Singapore's Tapis also jumped, closing $2.19 higher at $46.58.

loader