ET:OPEC oil up at 111.93 dollars after postponed output raise
Oil pumped by the Organization of the Petroleum Exporting Countries (OPEC) climbed to 111.93 dollars at mid-week, the group said Thursday, DPA reported.
OPEC's basket price went up 1.27 dollars per barrel (159 litres) on Wednesday, the day that the group's oil ministers were unable to agree on raising output and deferred a decision until an unspecified later date.
International benchmark crude brands rose by 2 dollars on the news, as the 12-country group failed to take a decision that could have signalled en effort to keep oil prices below 90 dollars.
"OPEC's inability to agree on an output hike means that there is no agreement on the previous target price or a new consensus price target, thus the market has to assume that OPEC, or at least some members, want to see prices in excess of above 100 dollars," analysts at JBC Energy wrote in Vienna
