VIENNA (Reuters) - OPEC has agreed to keep supply policy intact on Thursday, a delegate told Reuters, after ministers said they were not worried yet a weak dollar would drive up the oil price too far for a fragile economy to bear. Already on Wednesday OPEC's president Ecuador had said there was a consensus among members of the Organization of the Petroleum Exporting Countries to leave output unchanged. Other ministers reiterated that view as they headed into Thursday's meeting and shortly after the closed door session had begun a delegate said the ministers had reached a decision. The ministers were "100 percent" in agreement, the delegate said. Talks were continuing at the ordinary session of the Organization of the Petroleum Exporting Countries, which had other business to discuss. Top exporter Saudi Arabia, which has spoken in favor of a $70-$80 price range as ideal for producers and consumers, said just before the meeting the kingdom was still happy with the current oil market, although circumstances could change. "The biggest challenge we have is to keep the oil market as it is today," Saudi Arabian Oil Minister Ali al-Naimi told reporters. He declined to be drawn on a price level that might endanger economic recovery, but said producers were concerned about a possible slide back into recession. "I hope we don't have a double dip. Everybody is working very hard to avoid it." OIL RISES, DOLLAR FALLS International benchmark U.S. crude has stayed in a broad $70-$80 range for much of this year, but rallied this month to a five-month high above $84 a barrel, pushed upwards by a weak U.S. dollar. The dollar on Thursday dropped to its lowest this year against a basket of currencies <.DXY> as markets anticipated further economic stimulus from the United States, the world's biggest economy and biggest oil burner. A weaker dollar <.DXY> makes dollar-denominated commodities relatively cheap and has been fuelling buying across the asset class.

Source