Oil rises as Opec maintains target

Crude: up on Opec

AP/Scanpix

Luke Johnson

 14 June 2012 22:59 GMT

Oil futures rose on Thursday after Opec agreed to keep its collective oil output ceiling unchanged for the second half of the year at 30 million barrels per day.

The move implies a supply cut of 1.6 million bpd, Opec Secretary-General Abdullah al-Badri said. Several Opec members had called on Saudi Arabia, the group's top producer, to trim its excess supply to the agreed limit as a way to defend crude at $100 a barrel.

In post-settlement trading, oil rose further as the euro extended gains against the dollar after G20 officials said central banks are prepared for coordinated action to provide liquidity if needed after the Greek election on Sunday, Reuters reported.

Oil prices on both sides of the Atlantic had…

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