• From The BBC:

    Oil prices have risen ahead of an Opec meeting, as a weaker US dollar made the commodity cheaper in other currencies.Light sweet crude for October delivery rose $3.10 to $71.12 a barrel as the dollar fell to its lowest level against the euro this year, to $1.4535. The rise came as oil ministers from the producers’ cartel Opec prepared to meet for a summit in Vienna. Saudi’s oil minister said the country would keep supplies steady and did not expect Opec’s supply policy to change. “Saudi Oil Minister Ali Al-Naimi, upon arrival in Vienna yesterday, has described the oil market as stable and current prices satisfactory,” the Saudi-owned Al-Hayat newspaper reported. ‘Hysteria-driven market’The meeting is due to begin at 2130 local time (1930 GMT). An hour after the meeting starts there will be figures out from the American Petroleum Institute showing how much crude oil is stockpiled in the US, with the volumes often having an influence on prices. Traders will also be keeping an eye on Trop…

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    Posted by Jon @ 7:43 am

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