Brent crude prices rise slightly

25/09/2009

Brent crude for November delivery rose 42 cents to $65.24 a barrel on the ICE Futures exchange in early trading on Friday (September 25th).

The G20 meeting and durable good data on the currency and equity markets may also cause an impact on prices that traders will have to assess later today, reports the Dow Jones.

Prices are expected to stay above $65, as they have for a number of months, barring any negative news about the global economy.

There would be some concern if oil prices were to drop below the $65 mark for the first time in months Ben Westmore, commodities economist at the National Australia Bank, said.

He commented: "Organization of the Petroleum Exporting Countries (OPEC) would be unhappy with prices that low."
OPEC is a permanent intergovernmental organisation, formed at the Baghdad conference in 1960.

According to its website, OPECs arranges its oil production policies in order to help stabilise the oil market and to help oil producers achieve a fair rate of return on their investments.