USD 61.8031

0

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-0.04

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11

OPEC Set Next Meeting In 2 months To Consider Output

OPEC already set a new meeting for February 1 to consider raising crude oil output if prices skyrocket

OPEC already set a new meeting for February 1 to consider raising crude oil output if prices skyrocket.

Benchmark crude prices rose after OPEC had decided not to increase output capacity this time.

After spiking by about $2 on news that present levels would be maintained, light sweet crude for January delivery reversed course and closed down 83 cents at $87.49 on the New York Mercantile Exchange.

Price levels were more than 10 per cent off the record of almost $100 a barrel set last month, suggesting the choice by the Organization of Petroleum Exporting Countries would not roil markets - at least in the short term.