Oil prices targeting $85 mark as OPEC meets, dollar falls

Oil prices are trading higher in Asia on Wednesday as the US dollar lost ground, while in Austria, OPEC members meet to decide on oil output quotas, which are expected to remain unchanged for 2010. US Light crude oil futures was up at $82.19 a barrel by 0701 GMT, after settling up $1.90 at $81.70 on Tuesday on the NYMEX, while in London Brent crude oil futures rose to $81.02 on the ICE Futures Exchange. Oil demand is picking up and that could mean OPEC does not need to take any further action on supply this year, the group’s biggest producer, Saudi Arabia, said, as ministers prepared to rubber stamp existing outpaced targets. “As for OPEC, expectations that it will leave production targets unchanged are now well factored in prices, so the market will place focus more on the weekly U.S. inventory report instead,” Moore added. Crude oil futures jumped 2.4 percent on Tuesday in their highest daily percentage gain in a month, as the US dollar weakened after the US Federal Reserve renewed its pledge to keep interest rates near zero for an “extended period.” Oil prices above $82 as traders look to US supplies, OPEC Crude oil prices trading lower on stronger US dollar Crude oil prices trading under $81 eyes on Fed, US dollar Oil prices trading steady around $80, stronger US dollar Oil prices trading down two percent on stronger US dollar Light oil prices trading around $74, eyes on US Dollar Oil prices & commodities trading higher, US dollar slides Oil prices trading higher amid stronger US Dollar, Europe Crude oil prices trading higher, eyes on US Dollar Index Oil prices trading steady amid a weaker US dollar Brent oil price trading above $80 on weaker US dollar 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, awaits US crude inventory data Brent oil price hovers under $77 on higher dollar, markets Oil prices trading steady as US dollar makes gains Brent oil price trading up on latest positive US GDP data Oil prices trading steady after Thursday loss, eyes on dollar Oil prices trading down two percent on latest US jobs data

Here is the original: 
Oil prices targeting $85 mark as OPEC meets, dollar falls