Commodity Daily News

Oil Prices Hit 6-Month High

Crude oil prices yesterday rose to more than $60 a barrel, their highest level in six months, on hopes that the world economy would soon bounce back and demand for oil may recover. Oil had risen in response to a global rebound in stocks. Weakness in the dollar had also spurred the oil price, which tends to rise when the dollar falls.
The Organization of Petroleum Exporting Countries (OPEC) isn't expected to take any actions to upset current prices when it meets later this month in Vienna. Oil prices are likely to remain below the $75 a barrel price targeted by Saudi Arabia, OPEC's dominant member. Most observers believe the cartel is wary of letting prices rise too quickly for fear it would imperil an economic recovery.