Oil Rises to a One-Week High After OPEC Fails to Reach Accord
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Oil rose to a one-week high in New York after OPEC failed to reach an agreement on production targets for the first time in at least 20 years at its meeting in Vienna today.
Futures gained 1.7 percent after Mohammad Aliabadi, the acting Iranian oil minister and OPEC president, said the group will maintain current output for now. A Gulf delegate said yesterday that the Organization of Petroleum Exporting Countries was going to increase quotas. A U.S. government report showed a larger-than-forecast drop in oil supplies.