Oil rallies after OPEC keeps production unchanged

Crude-oil futures traded higher Wednesday, rallying above $100 a barrel as the Organization of the Petroleum Exporting Countries kept its official production quotas unchanged.

Light, sweet crude for July delivery /quotes/zigman/2075821 CL1N +1.66% added $1.37, or 1.4%, to $100.46 a barrel on the New York Mercantile Exchange.

July Brent crude, the benchmark for Europe, gained $1.14, or 1%, to $117.91 a barrel on ICE Futures Europe in London.

OPEC member countries meeting in Vienna couldn’t reach an agreement on whether to reduce or raise the cartel’s official production quotas, and decided to keep current levels for now.

Some members vowed to revisit the issue in three months, according to media reports.

The move surprised the markets, which expected the cartel to increase its official production levels to counter rising oil prices and bring the targets at least closer to actual output levels.

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- Posted: 2011-06-08 10:26:28

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