Opec meeting pushes oil prices upward

9 September 2009

Crude oil prices have risen in trading ahead of the next meeting of Opec members, which is taking place in Vienna today (September 9th).

Despite this rise, the cost of a barrel of crude continues to remain within the range of prices that the Saudi oil minister Ali al-Naimi earlier this week described as good for both consumers and producers.

Trading on the New York Mercantile Exchange has seen crude futures rise to $71.17 per barrel by 04:58 Eastern Time this morning.

Despite this rise in crude oil prices on the key New York exchange, heating oil on the same trading floor was subject to a slight drop in price.

Heating oil futures fell to $1.7802 by 04:56 Eastern Time.

It is not solely the Opec meeting that has led to the price rise though. A weaker dollar and stronger demand for gold have also both helped to buoy the cost of a barrel of crude.

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