Oil rises as OPEC keeps output unchanged

Crude-oil futures rose more than $1 to trade near $90 a barrel on Wednesday, after the Organization of Petroleum Exporting Countries opted to keep production unchanged.

Crude oil for January delivery rose as high as $90.39 a barrel in electronic trading on the New York Mercantile Exchange. The benchmark contract was last up $1.08, or 1.1%, at $89.40.

"We're getting a little bit of an OPEC bounce," said Phil Flynn, an analyst at Alaron Trading.

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- Posted: 2007-12-05 10:47:16

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