29 May 2009

Price of oil keeps rising

9:48 am on 29 May 2009

Oil surged past $US65 per barrel in price on Thursday to a fresh six-month high after OPEC decided to keep output levels unchanged.

US crude oil for July delivery settled up $US1.63 to $US65.08 per barrel - the highest settlement since 5 November. London Brent crude rose $US1.89 to settle at $US64.39 per barrel.

According to the US Energy Administration, crude stocks in the United States fell by 5.4 million barrels in the week to 22 May before the Memorial Day holiday weekend.

Members of the Organization of the Petroleum Exporting Countries have met in Vienna and opted to leave target output levels unchanged.

Oil prices previously reached at record $US147.27 per barrel on 11 July last year.

OPEC has cut daily production by 4.2 million barrels since September.