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| Opec keeps output target on hold | Opec keeps output target on hold |
| (10 minutes later) | |
| Oil prices have fallen back slightly from Wednesday's six-month highs as a meeting of the oil producers' cartel Opec decided to keep output unchanged. | Oil prices have fallen back slightly from Wednesday's six-month highs as a meeting of the oil producers' cartel Opec decided to keep output unchanged. |
| Focus now turns to the figures on US oil stockpiles, which are due out later on Thursday. | Focus now turns to the figures on US oil stockpiles, which are due out later on Thursday. |
| In late-morning trading, US light sweet crude for July delivery was down 7 cents at $63.38 a barrel, although it had earlier been down 21 cents. | In late-morning trading, US light sweet crude for July delivery was down 7 cents at $63.38 a barrel, although it had earlier been down 21 cents. |
| The Saudi oil minister has predicted oil prices will reach $75 this year. | The Saudi oil minister has predicted oil prices will reach $75 this year. |
| David Hart, oil analyst at Hanson Westhouse, agrees that the oil price will rise in the second half of 2009. | |
| "Previously announced Opec supply cuts should begin to make some headway into reducing elevated stockpiles of crude," he said. | |
| "Economic growth also stands a chance of beginning again by year end, which would also lend support." | |
| Opec had previously undertaken to cut output by 4.2 million barrels per day from production levels in September of last year. |