Crude Oil Futures Rise as OPEC Fails to Agree on Output Quotas

Crude oil increased for a third day after OPEC’s failure at a meeting in Vienna to reach an accord on output targets for the first time in at least 20 years.

Futures gained as much as 1.1 percent after what Saudi Oil Minister Ali al-Naimi said “was one of the worst meetings we’ve ever had.” Ministers from the 12-nation Organization of Petroleum Exporting Countries were unable to come to an accord in five hours of talks yesterday. U.S. initial jobless claims rose last week and the trade deficit narrowed in April.

“OPEC’s failure to come to an agreement is still hanging over the market,” said Tom Bentz, a broker with BNP Paribas Commodity Futures Inc. in New York. “There was a short pullback upon release of the jobs numbers, but that was quickly overshadowed by the falling trade deficit.”

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- Posted: 2011-06-09 10:43:19

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