OPEC to Leave Oil Output Unchanged
There was consensus among members of OPEC to keep the current quotas intact. OPEC's president, Ecuador, and its top exporter, Saudi Arabia, said they were happy with the current situation, and with oil prices at $70 to $80 a barrel. While delegates voiced concerns about a possible double-dip recession, none agreed to discuss what price level for oil they think would start to dent the fragile economic recovery.
On Thursday, the dollar fell to a 15-year low against the yen and to its weakest level against the euro since January on speculation that the Federal Reserve will ease monetary policy. But oil prices are also affected by supply-and-demand forces, and record-high fuel inventories combined with sluggish demand have somewhat offset the dollar's weakness so far.