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Industry News
Oil prices hold above $60 a barrel
Posted on | May 25, 2009 |
Oil held above $60 a barrel in Asian trade today ahead of a meeting this week of the Organisation of Petroleum Exporting Countries (OPEC).
New York’s main futures contract, light sweet crude for delivery in July, was down 33 cents to $61.34 a barrel in morning trade. Brent North Sea crude for July delivery retreated 23 cents to $60.55.
Prices eased as investors cashed in on profits ahead of the OPEC meeting on Thursday.
Algerian oil minister Chakib Khelil was quoted over the weekend that he expected oil prices to hit $70 a barrel next year.
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