Oil prices up in Asia as OPEC keeps production steady
11/06/2011 151
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Singapore, June 9 (AFP) Oil rose in Asian trade today after OPEC failed to agree to raise output to aid a faltering global economy, analysts said.
New York's main contract, light sweet crude for July delivery, gained 49 cents to USD 101.23 a barrel and Brent North Sea crude for July delivery rose 27 cents to USD 118.12.
"Crude is rallying because of OPEC at discord, failing to reach an agreement on higher output levels," Victor Shum, a Singapore-based analyst at Purvin and Gertz international energy consultancy, told AFP.
The Vienna meeting yesterday broke up without agreement, keeping its official output target at 24.84 million barrels per day (mbpd), where it has stood since January 2009.
"Unfortunately, we are unable to reach a consensus this time to reduce or raise our production," OPEC Secretary General Abdullah El-Badri said after the meeting.
June 9th, 2011
Source: AFP
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