Economy 'key oil price concern'

10 September 2009

Opec yesterday confirmed that it would keep oil output unchanged, citing economic recovery as a key reason for production to remain unaltered.

Such a move indicates that the producers' cartel sees continuing improvement in the country's economy as an important factor.

But another key factor in the decision to keep output unchanged was the belief that investor appetite for riskier assets can help to buoy oil prices, Reuters reports.

Saudi oil minister Ali al-Naimi argued that economic growth is important for the oil market.

"Economic growth is the name of the game. That's what's going to drive up the price. As long as economic growth is there, the price is going to go up," he said.

Oil prices on key exchanges around the world rose ahead of the meeting of Opec members in Vienna yesterday. But oil prices in trading today (September 10th) have remained more stable, hovering below $72 per barrel on the New York Mercantile Exchange.

Heating oil prices on the same market stood at $1.7976 per gallon at 08:57 Eastern Time this morning.

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