Page last updated at 07:03 GMT, Thursday, 10 September 2009 08:03 UK

Oil prices up after Opec meeting

Oil worker

Oil prices have risen above $72 a barrel following the meeting of the producers' cartel Opec on Wednesday.

Opec decided not to change the amount of oil being produced by its members.

Its communique said "there are signs that economic recovery is underway", but added there was "great concern" about the pace of the recovery.

US light sweet crude rose 85 cents to $72.16 in Asian trading, as the euro continued to gain ground against the US dollar in currency markets.

'Fragile recovery'

Oil is priced in dollars, so if the US currency falls, it becomes cheaper to buyers using other currencies.

"Since the market remains oversupplied and given the downside risks associated with the extremely fragile recovery, [Opec] once again agreed to leave current production levels unchanged for the time being," Opec's statement said.

Oil prices have roughly doubled from their lows last December, but are half the levels reached earlier in 2008.

Opec countries supply about 35% of the world's crude oil.



Print Sponsor


RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific