Brent oil price closes firm over $90, OPEC in focus

11 December 2010 11 December 2010

BonTrade

Brent oil prices closed Friday’s trading session firm over $90 a barrel, while OPEC member countries signal no reason to change oil output targets, although they expect demand for crude oil will continue to grow.

Brent Oil Futures – Closing Price

Brent crude oil futures for January 2011 delivery ended the week at $90.55 on the ICE Futures Exchange, $1.03 a barrel lower than last week’s close of $91.58 a barrel.

OPEC – No Oil Output Changes

On Thursday, OPEC President Wilson Pastor told reporters the group won’t change its crude oil output ceiling when it meets Saturday. Still, traders will be closely watching developments in Ecuador for any comments from the group on oil prices or global oil supply and demand.

OPEC, which is responsible for 35 percent of global oil production, has not changed its output quotas since 2008.

Oil Prices at $90

“What’s missing right now is equilibrium in the price of oil. I think $90 dollars a barrel is a comfortable price.” Angola’s oil minister, Jose Maria Botelho de Vasconcelos, said yesterday.

Many analysts believe the global recovery remains supportive for oil prices in the longer term. Morgan Stanley commodities analysts yesterday forecasted that oil prices would average $100 a barrel in 2011 and $105 a barrel in 2012.