Oil prices tumble, driven by strong dollar

2010-03-19T09:16:11Z

<div><p>Oil prices plunged on Friday as the strengthening US currency dented investor enthusiasm for dollar-priced crude, analysts said.</p><p>New York's main contract, light sweet crude for April delivery, slumped 1.91 dollars to 80.29 dollars a barrel, extending earlier losses.</p><p>London's Brent North Sea crude for May delivery dived 1.83 dollars at 79....

Oil prices drop, driven by strong dollar

2010-03-19T07:45:19Z

<div><p>World oil prices fell further on Friday as a strong US currency dented investor enthusiasm for dollar-priced crude, analysts said.</p><p>New York's main contract, light sweet crude for April delivery fell 59 cents to 81.61 dollars a barrel.</p><p>London's Brent North Sea crude for May delivery was down 65 cents to 80.83 dollars.</p><p>"To...

Oil prices climb on back of OPEC output freeze

2010-03-17T13:15:53Z

<div><p>Oil prices climbed sharply Wednesday after OPEC, the cartel that produces 40 percent of world crude, held current output quotas unchanged despite a recent runup in prices.</p><p>New York's main contract, light sweet crude for April delivery rose 1.23 dollars to close at 82.93 dollars a barrel.</p><p>London's Brent North Sea crude for May delivery leapt 1.43 dollar...

Oil prices rise as OPEC holds output

2010-03-17T11:16:45Z

<div><p>World oil prices rose slightly on Wednesday as OPEC members agreed as expected to hold the cartel's output, while the weekly US energy inventory report was broadly in line with forecasts.</p><p>New York's main contract, light sweet crude for April delivery rose 51 cents to 82.21 dollars a barrel.</p><p>London's

OPEC decides leave output unchanged

2010-03-17T09:30:23Z

<div id="subtitle">OPEC oil ministers decide to keep production targets steady</div><div><p>OPEC oil ministers on Wednesday opted to keep their output targets unchanged in a bid to keep prices at present levels and send a message of stability to energy-hungry economies struggling to emerge from recession.</p><p>Even before the formal decision, influential members of the Organization of the Petroleum Exporting Countries h...

Austria OPEC Meeting

2010-03-17T07:33:15Z

Mohamed bin Dhaen Al Hamli, Minister of Energy from the United Arab Emirates talks to journalists as he arrives at a hotel for a meeting of the Organization of the Petroleum Exporting countries, OPEC, in Vienna, Austria, on Tuesday, March 16, 2010. (AP Photo/Ronald Zak)

OPEC holds oil output steady: source

2010-03-17T06:16:25Z

<div><p>OPEC formally decided Wednesday to hold oil output steady at its meeting here, according to an OPEC source.</p><p>"It's a rollover," the source said following a ministerial meeting of Organization of Petroleum Exporting Countries in the Austrian capital.</p><p>Ministers would then reconvene again in Vienna on October 14 to review the situation, the s...

OPEC 'agrees' to maintain oil output level

2010-03-17T05:45:31Z

<div><p>OPEC members have agreed to maintain the cartel's oil production ceiling in the face of recovering crude prices, de-facto group head Saudi Arabia said here on Wednesday.</p><p>Ahead of an official announcement on output levels by the Organization of Petroleum Exporting Countries, Saudi Oil Minister Ali al-Nuaimi sa...

OPEC sticks to its guns, demand rising

2010-03-17T05:45:24Z

<div><p>VIENNA (Reuters) - OPEC ministers agreed not to change oil output targets they are already exceeding, anticipating that demand will pick up later in the year to mop up extra barrels.</p><p>But with economic recovery still fragile as powerhouse China considers curbs on credit, members discussed on Wednesday their adhere...

OPEC set to freeze oil output

2010-03-17T05:16:30Z

<div><p>OPEC was set Wednesday to formally announce a freeze in the cartel's oil output ceiling in the face of recovering crude prices and uncertain economic recovery, member countries said.</p><p>Ahead of an official announcement on output levels by the Organization of Petroleum Exporting Countries, Saudi Oil Minister Ali al-Nuaimi said the cartel had reached agreement on leav...

OPEC to freeze oil output target as prices near 82 dollars

2010-03-16T10:17:34Z

<div><p>OPEC members on Tuesday prepared to announce a freeze in the cartel's oil output ceiling here as crude prices jumped to near 82 dollars.</p><p>The Organization of Petroleum Exporting Countries was widely expected to maintain its official oil output quota of 24.84 million barrels a day when it meets in the Austrian capital on Wednesday.</p><p>"This is going to be an easy meeting,"

Oil firms on eve of OPEC meeting

2010-03-16T06:16:27Z

<div><p>World oil prices rebounded slightly on Tuesday, after recent heavy losses, with traders on tenterhooks on the eve of a key production meeting of the OPEC cartel.</p><p>New York's main contract, light sweet crude for April delivery rose 32 cents to 80.12 dollars a barrel.</p><p>London's Brent North Sea crude for April delivery was up 39 cents to 78.28 dollars. The ...

Oil extends rise on eve of OPEC meeting

2010-03-16T05:16:09Z

<div><p>World oil prices rebounded slightly on Tuesday, after recent heavy losses, with traders on tenterhooks on the eve of a key production meeting of the OPEC oil cartel in Vienna.</p><p>New York's main contract, light sweet crude for April delivery rose 42 cents to 80.22 dollars a barrel.</p><p>London's Brent North Sea crude for April delivery was up 48 cents to 78.37...

OPEC members happy with oil output quota

2010-03-15T17:15:58Z

<div><p>Key OPEC members on Monday said there was no need for the cartel to change its official oil output target owing to the current supply, demand and price situation amid a world economic recovery.</p><p>The Organization of Petroleum Exporting Countries has no need to "disturb" a balanced oil market, Saudi Oil Minister Ali al-Nuaimi told reporters ahead of the cartel's late...

OPEC members say no need to change oil output quota

2010-03-15T14:16:45Z

<div><p>OPEC does not need to change the level of its official oil output quota since the market is over-supplied and demand is weak, members of the powerful cartel said here on Monday ahead of a key meeting.</p><p>Arriving in the Austrian capital ahead of an OPEC ministerial meeting due Wednesday, the head of Libya's National Oil Company said his country would call on other members of the O...

Oil prices slump ahead of OPEC talks

2010-03-15T13:17:07Z

<div><p>Oil prices slumped Monday amid a rising US dollar and concerns over energy demand as traders eyed the OPEC cartel's output meeting this week.</p><p>New York's main contract, light sweet crude for April delivery, slid 1.44 dollars to 79.80 dollars a barrel.</p><p>London's Brent North Sea crude for April plunged ...

Oil prices dive under 80 dollars

2010-03-15T10:17:38Z

<div><p>World oil prices sank under 80 dollars on Monday, hit by the falling US currency and energy demand concerns, as traders eyed the OPEC cartel's output meeting due later this week.</p><p>New York's main contract, light sweet crude for April delivery, tumbled 1.82 dollars to 79.42 dollars a barrel.</p><p>London's Brent North Sea crude for April plunged 1.77 dollars t...

Oil prices sag, as focus turns to OPEC

2010-03-15T06:16:07Z

<div><p>World oil prices weakened on Monday, hit by concerns over Chinese demand, as traders also turned their attention towards this week's crucial output meeting of the OPEC oil cartel.</p><p>New York's main contract, light sweet crude for April delivery, fell 61 cents to 80.63 dollars a barrel.</p><p>London's Brent North Sea crude for April retreated 58 cents to 78.81 ...

Iran calls on OPEC to hold output target steady

2010-03-15T03:00:12Z

<div id="subtitle">Iran's oil minister says OPEC should not change production quotas at upcoming meeting</div><div><p>Iran's oil minister said Monday that OPEC nations should not change their crude output targets at their upcoming meeting in Vienna.</p><p>Masoud Mirkazemi told reporters on the anniversary of the 1951 n...

Satisfied with oil prices, OPEC to sit tight on output

2010-03-14T15:16:04Z

<div><p>OPEC is widely expected to maintain its official oil production quota when it meets this week, with the cartel satisfied with the current level of crude prices, analysts said.</p><p>The Organization of Petroleum Exporting Countries, whose member countries together pump about 40 percent of the world's crude oil, will likely keep its official quota at 24.84 million barrels a day when it meets on Wednesday.</p><p>"A...

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