OPEC

Oil prices hit a six-month high near $64 a barrel on Wednesday after Saudi Arabia, OPEC's biggest member, said the global economy had strengthened enough to cope with oil at $75 to $80 a barrel.

OPEC Secretary General Abdalla El-Badri said Thursday it was not economically plausible for oil producers to invest when the price of a barrel is below $70 per barrel, according to CNBC.

Oil prices rose to a six-month high above $63 a barrel on Wednesday after Saudi Arabia, OPEC's biggest member, said the global economy had strengthened enough to cope with oil at $75-$80 a barrel.

Oil rose to a six-month high above $63 a barrel on Wednesday after OPEC's biggest member Saudi Arabia said the global economy had strengthened enough to cope with oil at $75-$80 a barrel.

Oil hovered little changed near a six-month high above $62 a barrel on Wednesday, as a jump in U.S. consumer confidence and signs of modest recovery in Japanese exports buoyed hopes that oil demand would rebound as the global economy recovers.

Oil hovered little changed near a six-month high above $62 a barrel on Wednesday, as a jump in U.S. consumer confidence buoyed hopes that the global economy was on its way to recovery and demand for oil would rise.

Oil hit a fresh six-month high on Tuesday, bolstered by U.S. consumer confidence data and comments from OPEC kingpin Saudi Arabia that prices may continue to rise.

Oil rose slightly on Tuesday, lifted by U.S. consumer confidence data and comments from OPEC kingpin Saudi Arabia that oil demand has begun to pick up.

Oil pared losses on Tuesday to trade above $61 a barrel, after Saudi Arabia said oil demand was picking up and in response to positive U.S. consumer confidence data.

Oil fell below $61 a barrel on Tuesday but climbed from session lows after Saudi Arabia said oil demand was picking up.

Oil fell below $60 a barrel on Tuesday, pressured partly by a firmer U.S. dollar and expectations an OPEC meeting later this week would keep the producer group's output unchanged.

Oil fell below $60 a barrel on Tuesday, pressured partly by a firmer U.S. dollar and expectations an OPEC meeting later this week would keep the producer group's output unchanged.

The financial crisis must not delay investments in the oil sector that are essential to an economic recovery, G8 energy ministers and top oil officials from four OPEC countries said on Monday after a two-day meeting.

Saudi Arabia warned oil prices could spike to beyond the near $150 record high of 2008 within three years as it joined other energy leaders on Monday to call for more investment to boost production over the long term.

Saudi Arabia warned oil prices could spike to beyond the near $150 record high of 2008 within two to three years, as energy leaders on Monday decried a blow to investment in expanding capacity due to the financial crisis.

Oil prices fell toward $61 a barrel on Monday, giving away some of last week's gains, ahead of OPEC's meeting in Vienna, where the group was widely expected to agree not to cut oil output further.

Oil prices fell toward $61 a barrel on Monday, shedding some of the previous session's gains, on risk aversion after North Korea said it had conducted an underground nuclear test.

Oil prices fell toward $61 a barrel on Monday, shedding some of the previous session's gains, on growing risk aversion after North Korea said it had successfully conducted a nuclear test.

Consumer nations on Sunday urged producers to keep oil prices stable or risk derailing a fragile global economic recovery, as top exporter Saudi Arabia forecast prices eventually moving toward $75 a barrel.

Energy leaders on Sunday debated what oil price would spur investment in the sector without hurting a wider global economic recovery, as top producer Saudi Arabia forecast prices eventually moving toward $75 a barrel.

OPEC ministers are expected to make no change to oil supply when they meet in Vienna next week as higher prices ease their concerns about overflowing fuel inventories and the deepest fall in demand for years.