Oil prices experienced upward movements yesterday early amid OPEC supply cuts and continued dispute between Moscow and Ukraine, resulting complete supply cuts in a few East European countries, and the deepening tension in the Middle east. However, crude futures started to drop but ended mostly still bullish after the US Federal Reserve forecast that the US economy probably will shrink more rapidly in the first half of 2009 than had been expected, predicting sharp drops in economic activity and holding in demand in the world's biggest energy-consuming country.