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Oil Rises After OPEC Holds Quotas Steady

Oil prices rose sharply to about $90 a barrel Wednesday as OPEC members said they would keep output ceilings steady, according to the Associated Press.

Expectations that a weekly U.S. petroleum supply report due later Wednesday would show a small decrease in crude inventories also supported prices.

Light, sweet crude for January delivery added $1.61 to $89.93 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe.

Posted by Peter C. T. Elsworth  at 10:55 AM to Crude oil market | Permalink

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