Brent oil trading at $115, OPEC output hike meeting looms

Brent oil futures open today’s trading session hovering at $115 a barrel and crude oil could see some upward resistance as the next meeting of OPEC member countries on 8th June may well see OPEC oil output raised to cap recent oil price gains. Latest Brent Oil Price In London, Brent crude oil futures for July 2011 delivery was trading at $115.47 a barrel, 06.20 GMT on the ICE Futures Exchange. OPEC Meeting – Oil Output Hike OPEC member countries are considering raising oil output by as much as 1.5 million barrels per day, ahead of the group’s meeting in Vienna on 8th June. One delegate said that a 1 million barrel per day output hike would be the likely outcome. Ali Al-Naimi, the Saudi oil minister, said yesterday that OPEC was prepared to act if necessary. “We have to wait and see the data. If there is a need for an increase, we would decide accordingly,” he said. Meanwhile, the IEA (International Energy Agency) last month urged OPEC to boost oil output, saying that there was a clear, urgent need for additional supplies to cool down oil prices and avoid derailing economic recovery.

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Brent oil trading at $115, OPEC output hike meeting looms