Oil prices rose on Friday, breaking a two-day losing streak, after OPEC ministers kept their existing oil production target for another six months at a level below current output.
The12-member group agreed on the deal at OPEC’s biannual ministerial meeting in Vienna.
Saudi Arabia’s oil minister Ali al-Naimi said the 12-member group had agreed to maintain their production target at 30 million barrels per day (bpd).
The Organisation of the Petroleum Exporting Countries (OPEC) had rolled over its target, he said.
OPEC has been pumping over 31.2 million bpd in recent weeks.
Brent crude oil for July LCOc1 rose 80 cents to a high of $62.83 before easing back to around $62.40 while U.S. crude futures CLc1 were up 30 cents at $58.30.
Kash Kamal, senior analyst at brokerage Sucden Financial in London, said investors had been reassured that OPEC had not raised its output target to reflect current production.
