Oil prices trading near 2010 highs as OPEC holds output

Oil prices are trading nearer to their 2010 highs as OPEC agrees to keep to its existing oil output quota unchanged, which was widely expected. US Light crude oil futures is currently trading around one percent higher at $82.43 a barrel on the NYMEX, while in London, Brent crude oil futures on the ICE Futures Exchange traded up 1.1%, higher at $81.44 a barrel. Oil prices have a strong chance of making another run Wednesday at surpassing the 2010 intraday high of $83.95 a barrel, set on January 11th 2010. “They tried to sell out below $80 and couldn’t do it, if we break through the $82.76 level, it just speaks to the momentum in the market,” said Addison Armstrong, an analyst with Tradition Energy. OPEC, the oil producers’ cartel is already exceeding its stated production target of 24.84 million barrels a day, but expects demand to mop up that extra. “Asia is where all the demand is coming from,” said David Carbon, head of economic research at DBS bank in Singapore. “The outlook for commodities like oil just has to be moving up.” Oil prices targeting $85 mark as OPEC meets, dollar falls Ecuador’s Pinto says OPEC oil output to remain unchanged Oil prices above $82 as traders look to US supplies, OPEC Crude oil prices trading lower on stronger US dollar Oil prices start week trading lower amid demand concerns Goldman Sachs predicts summer oil price at $92 – $97 range Light oil prices end the week well above $80 trading range Oil prices trading near 2010 highs on latest US jobs data Brent oil price near $80 mark, OPEC oil shipments down Oil prices trading steady around $80, stronger US dollar Top Libya official says OPEC to keep oil output unchanged OPEC members oil output in Feb 2010 hits 14 month high The Weekly Oil Futures Wrap at Live Oil Prices Oil prices trading steady after Thursday loss, eyes on dollar Oil prices trading down two percent on latest US jobs data Oil prices trading down two percent on stronger US dollar Oil prices trading above $80 on higher 2010 forecasts Crude oil ends weeks trading higher, back near $80 Oil prices slip lower on new China bank reserve rules OPEC could cut oil output if prices fall below $70 US

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Oil prices trading near 2010 highs as OPEC holds output