Shayne Heffernan on Oil Futures

Oil prices jumped sharply on Wednesday after OPEC, the cartel that produces 40 per cent of world crude, held current output quotas unchanged despite a recent runup in prices. As they track the US index higher I expect Oil to continue to post gains to $90 short term.

New York’s main contract, light sweet crude for April delivery rose $US1.23 to close at $US82.93 a barrel.

London’s Brent North Sea crude for May delivery leapt $US1.43 to $US81.96 a barrel.

The Organisation of the Petroleum Exporting Countries, as expected, left its output ceiling unchanged at 24.84 million barrels a day at a meeting in Vienna, citing “uncertainty in the macroeconomic environment and world oil demand.

OPEC said it would review the economic situation at its next ordinary meeting in Vienna on October 14.

April gold rose $US1.70 to close at $US1,124.20 per fine ounce on the Comex division of the NY Mercantile Exchange.

May silver rose 16.9 US cents to settle at $US17.523 per fine ounce, while May copper rose 5.3 US cents to close at $US3.418 per pound.

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