Gold News

Oil prices up, US presses OPEC

Oil prices have risen back toward $100 per barrel today (November 14th), helping gold prices rise and provoking further pressure for an upsurge in global oil production.

With fears rising that higher fuel prices could lead to a severe drop in demand, oil prices have corrected themselves downward from last week's record high of $98.62, but rose back up today.

After falling back below the $90 mark in early week trading, today saw US light crude for December delivery rise a full 86 cents to $92.03 per barrel, with London Brent Crude also staging a rise to come within a whisker of $90.

Harry Tchilinguirian, senior oil market analyst at French bank BNP Paribas, told Reuters that prospects for further increases were high: "All the reasons that have taken us above $90 are still here."

US energy experts have identified increased production in the Middle East as the key to easing prices, with pressure applied to OPEC to up its production levels.

US negotiators have claimed that an OPEC increase could counteract inventory supply shortfalls in the west, but Saudi Arabia has expressed reluctance to respond with higher production.

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