World oil prices bounced back this evening from recent heavy losses, on the eve of an OPEC production meeting.
US crude went as high as $82.04 a barrel and later stood at $81.87, up $2.07 from Monday's close. London's Brent North Sea crude was up $1.80 at $79.69.
Oil prices were lifted partly by the weak US dollar, which fell against the euro after news of unexpectedly strong German investor sentiment. Dollar-priced crude wins support from a struggling US currency because it makes crude cheaper for buyers using other currencies. In turn, that usually stimulates demand.
Meanwhile, the Organisation of Petroleum Exporting Countries (OPEC) was widely expected to maintain its official oil output quota of 24.84 million barrels a day when it meets in the Austrian capital on Wednesday.
'This is going to be an easy meeting,' UAE Minister of Energy Mohammad bin Dhaen al-Hamli told reporters today after fellow OPEC member nations said there was no need to change the cartel's official production target.
Members have pointed to high oil inventories, insufficient demand and acceptable crude prices for the reasons why OPEC does not need to change its output ceiling.
