In a sign that crude oil production levels are likely to remain unchanged, OPEC's secretary-general Abdalla el-Badri said that the OPEC cartel is satisfied with current crude oil prices between $70 and $80 per barrel. However, reports the Financial Times, el-Badri left open the possibility that OPEC might shift its policy in response to changing economic conditions, as the U.S., Europe and Japan struggle to emerge from recession.
"If circumstances change, we may change our mind. We want to leave things as they are for the time being," el-Badri told the FT. "We don't want to see a double-dip recession as it would affect everybody negatively."
On the IntercontinentalExchange, West Texas Intermediate light, sweet crude oil futures for December delivery rose 0.378 percent to trade at $79.17 per barrel as commodity futures brokers processed el-Badri's comments and the continuing supply concerns stemming from Enbridge's pipeline woes in the Midwest.
The company is now investigating a third line near Buffalo, New York for a possible leak, reports Reuters.
Brent crude futures for December delivery rose 0.313 percent to $79.70 per barrel, bringing the two contracts into a relatively close range.
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