OPEC meet results in pushing crude oil prices past US$72

10-Sep-09
US light sweet crude rose to US$72.1 in Asian trading, as the euro continued to strengthen against the US dollar, aided by OPEC decision to keep oil output unchanged. Since the market remains oversupplied and given the downside risks associated with the extremely fragile recovery, OPEC has again agreed to leave current production levels unchanged for now. Oil is priced in dollars, so if the US currency falls, it becomes cheaper to buyers using other currencies.
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