{"id":438584,"date":"2011-06-09T08:51:39","date_gmt":"2011-06-09T08:51:39","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/09\/oil-prices-rise-above-101-per-barrel\/"},"modified":"2011-06-09T08:51:39","modified_gmt":"2011-06-09T08:51:39","slug":"oil-prices-rise-above-101-per-barrel","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/09\/oil-prices-rise-above-101-per-barrel\/","title":{"rendered":"Oil prices rise above $101 per barrel"},"content":{"rendered":"<div readability=\"78.5915492958\">\n<p>You Are Here: <a href=\"http:\/\/www.ghanabusinessnews.com\">Home<\/a> \u00bb <a href=\"http:\/\/www.ghanabusinessnews.com\/category\/africa-international\/\" title=\"View all posts in Africa\/International\" rel=\"category tag\">Africa\/International<\/a> \u00bb Oil prices rise above $101 per barrel<\/p>\n<div>\n<p><span>Page last updated at Thursday, June 9, 2011 8:08 AM \/\/ <\/span><\/div>\n<p><a href=\"http:\/\/www.ghanabusinessnews.com\/wp-content\/uploads\/2008\/12\/oil2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-365\" title=\"oil\" src=\"http:\/\/www.ghanabusinessnews.com\/wp-content\/uploads\/2008\/12\/oil2.jpg\" alt=\"\" width=\"248\" height=\"210\" \/><\/a>Oil prices rose above $101 a barrel Thursday in Asia, extending gains from the previous session after OPEC leaders unexpectedly left crude production quotas unchanged.<\/p>\n<p>Benchmark oil for July delivery was up 59 cents to $101.33 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract gained $1.65 to settle at $100.74 on Wednesday.<\/p>\n<p>In London, Brent crude for July delivery was up 12 cents to $117.97 a barrel on the ICE Futures exchange.<\/p>\n<p>Leaders of the Organization of Petroleum Exporting Countries, a cartel that controls about 35 percent of global crude output, surprised investors by deciding not to boost production quotas at a meeting Wednesday in Vienna. Analysts had expected an increase of between 1 million and 2 million barrels per day.<\/p>\n<p>Saudi Arabia, the group\u2019s biggest supplier, seeks an oil price range between $70 and $80 and supported an output hike. Meanwhile, Iran, the second-largest producer, and other OPEC members such as Venezuela and Algeria, sought to keep quotas unchanged. OPEC said the group was unable to reach a consensus and will discuss production levels again at its next meeting in three months.<\/p>\n<p>Saudi oil minister Ali Naimi called the meeting \u201cone of the worst ever.\u201d<\/p>\n<p>Analysts expect Saudi Arabia would likely raise its production independently if crude prices jump much higher above $100.<\/p>\n<p>\u201cWe suspect that if prices pick up any further, those members that did want to increase quotas, led by Saudi Arabia, will simply increase supply anyway,\u201d Capital Economics said in a report.<\/p>\n<p>In other Nymex trading in July contracts, heating oil fell 0.4 cent to $3.09 a gallon and gasoline dropped 1.0 cent to $2.99 a gallon. Natural gas futures slid 1.7 cents to $4.83 per 1,000 cubic feet.<br \/>Source: AP<\/p>\n<hr\/>\n<p>| | <a href=\"http:\/\/twitter.com\/home?status=Currently%20reading%20http:\/\/www.ghanabusinessnews.com\/2011\/06\/09\/oil-prices-rise-above-101-per-barrel\/\" title=\"Click to send this page to Twitter!\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a> | <\/p>\n<hr\/>\n<h4>Comments<\/h4>\n<\/div>\n<p>Follow this link:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.ghanabusinessnews.com\/2011\/06\/09\/oil-prices-rise-above-101-per-barrel\/\" title=\"Oil prices rise above $101 per barrel\" rel=\"noopener noreferrer\">Oil prices rise above $101 per barrel<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> You Are Here: Home \u00bb Africa\/International \u00bb Oil prices rise above $101 per barrel Page last updated at Thursday, June 9, 2011 8:08 AM \/\/ Oil prices rose above $101 a barrel Thursday in Asia, extending gains from the previous session after OPEC leaders unexpectedly left crude production quotas unchanged. Benchmark oil for July delivery was up 59 cents to $101.33 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-438584","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oil prices rise above $101 per barrel - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/06\/09\/oil-prices-rise-above-101-per-barrel\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Oil prices rise above $101 per barrel - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"You Are Here: Home \u00bb Africa\/International \u00bb Oil prices rise above $101 per barrel Page last updated at Thursday, June 9, 2011 8:08 AM \/\/ Oil prices rose above $101 a barrel Thursday in Asia, extending gains from the previous session after OPEC leaders unexpectedly left crude production quotas unchanged. 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