kiran
07-12-2007, 09:24 AM
Oil prices stayed above $90 in Asia trade on Friday as traders began to digest the sharp drawdown in US crude stocks and OPEC's decision to leave its output quotas unchanged, dealers said.
In early morning trade, New York's main contract light sweet crude for January delivery gained 16 cents to $90.39 a barrel from $90.23 in late US trades Thursday.
Brent North Sea crude for January delivery was 17 cents higher at $90.35.
Oil prices had initially fallen after the Organisation of Petroleum Exporting Countries decided to keep its daily production quotas at 27.25 million barrels following a meeting Wednesday in Abu Dhabi.
There was also muted reaction to a bigger-than-expected drop of 8.0 million barrels in US crude reserves but traders have now started to focus on the two issues, said dealers.
In early morning trade, New York's main contract light sweet crude for January delivery gained 16 cents to $90.39 a barrel from $90.23 in late US trades Thursday.
Brent North Sea crude for January delivery was 17 cents higher at $90.35.
Oil prices had initially fallen after the Organisation of Petroleum Exporting Countries decided to keep its daily production quotas at 27.25 million barrels following a meeting Wednesday in Abu Dhabi.
There was also muted reaction to a bigger-than-expected drop of 8.0 million barrels in US crude reserves but traders have now started to focus on the two issues, said dealers.