{"id":12750,"date":"2010-12-13T08:58:51","date_gmt":"2010-12-13T07:58:51","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12750\/oil-prices-start-the-week-higher-after-opec-meeting\/"},"modified":"2010-12-13T08:58:51","modified_gmt":"2010-12-13T07:58:51","slug":"oil-prices-start-the-week-higher-after-opec-meeting","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12750\/oil-prices-start-the-week-higher-after-opec-meeting\/","title":{"rendered":"Oil prices start the week higher after OPEC meeting"},"content":{"rendered":"

Brent and WTI oil prices open Monday’s trading session higher, with Brent back over $91 and WTI oil futures over $88 a barrel as OPEC signals no short term increase for member oil output.<\/p>\n

No Change – OPEC<\/strong><\/p>\n

OPEC ministers decided on Saturday to keep oil output at current levels, citing ample crude oil inventories amid persisting global economic uncertainty and a price of just under $90 a barrel.<\/p>\n

The 12 member cartel said after a meeting that it based its decision on projections showing demand for crude would grow more slowly in 2011 than this year.<\/p>\n

Fears of European Banking Crisis<\/strong><\/p>\n

Its statement also cited the \u201cchallenging risks to the fragile global economic recovery\u201d including \u201cfears of a second banking crisis in Europe.\u201d<\/p>\n

They discussed whether oil would soon broach the psychological price barrier of $100, or even climb nearer its 2008 historic peak of $147 a barrel.<\/p>\n

The “no change” announcement was widely anticipated and four of the cartel\u2019s ministers from Iraq, Kuwait, Qatar and Nigeria did not even make the trip, sending lower level delegates instead.<\/p>\n

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