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| Oil price reaches six-month high | Oil price reaches six-month high |
| (about 2 hours later) | |
| Oil prices have risen to a six-month high, above $63 a barrel, after key oil producing nation Saudi Arabia said it was optimistic about economic recovery. | Oil prices have risen to a six-month high, above $63 a barrel, after key oil producing nation Saudi Arabia said it was optimistic about economic recovery. |
| Saudi oil minister Ali al-Naimi said prices would keep increasing since demand was "picking up". | Saudi oil minister Ali al-Naimi said prices would keep increasing since demand was "picking up". |
| US light crude oil settled up $1 to $63.45 a barrel, its highest price since November. Brent crude rose $1.26 to settle for the day at $62.50. | |
| The comments come as members of oil cartel Opec decide on output levels. | The comments come as members of oil cartel Opec decide on output levels. |
| Mr al-Naimi said the members did not not need to alter production levels to buoy prices. | Mr al-Naimi said the members did not not need to alter production levels to buoy prices. |
| "There is no need to cut production," he told reporters, saying that the cartel should "stay the course". | "There is no need to cut production," he told reporters, saying that the cartel should "stay the course". |
| He predicted that prices were likely to reach $75 a barrel by the end of the year, boosted by demand in Asia. | He predicted that prices were likely to reach $75 a barrel by the end of the year, boosted by demand in Asia. |
| But there is still much uncertainty about the trend in oil prices, as there is about the wider economy. | But there is still much uncertainty about the trend in oil prices, as there is about the wider economy. |
| "We're not really seeing a strong recovery yet, but I think Opec are implying they don't see oil demand falling any further," said Andrey Kryuchenkov, an analyst with VTB. | "We're not really seeing a strong recovery yet, but I think Opec are implying they don't see oil demand falling any further," said Andrey Kryuchenkov, an analyst with VTB. |
| And despite recent rises, oil remains far from the peak that it reached last July, of more than $147 a barrel. | And despite recent rises, oil remains far from the peak that it reached last July, of more than $147 a barrel. |