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Friday, June 10, 2011

World Oil Prices Rise Thin

WASHINGTON - Oil prices rose slightly on Thursday (09/06/2011), after OPEC's ceiling to maintain supply. In London, oil, Brent North Sea crude for July delivery rose $ 1.72 to $ 119.57 per barrel.

AFP reported at the close of trading, New York's main contract, the price of light sweet crude for July, climbed $ 1.19 to $ 101.93 per barrel. This increase, by many analysts said, fueled by the OPEC decision to maintain the quota of fuel supply at 24.84 million barrels per day, since January 2009.

Earlier, traders had speculated, 12-nation Organization of Petroleum Exporting Countries (OPEC) will increase production quotas to help lower oil prices and in turn enhance the economic recovery. "Crude oil rose as OPEC fails to reach an agreement to increase its production is higher," said Victor Shum, an analyst at Purvin and Gertz international energy consultant, told AFP.

"In the long term, oil market fundamentals will continue to be balanced with demand growth in the future, and so the group OPEC will have to provide more oil production," he added.

Supply side of crude oil has caused great concern for traders. Including the conflict in OPEC member Libya, will be a separate calculation for the availability of world oil.

According to the International Energy Agency (IEA), Libya as the largest single country exporter, averaging 1.49 million barrels per day before the uprising broke out. As many as 85 percent intended to Europe.

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