Crude, gas futures rise after OPEC decision

by The Associated Press

The petroleum complex got a psychological boost from the Organization of Petroleum Exporting Countries’ decision to keep oil production unchanged, while defiantly promising to defend oil prices.

Recognizing the “far-reaching” consequences of terrorist attacks in New York and Washington, OPEC kept crude oil supplies unchanged at its meeting Sept. 27 in Vienna. A special meeting is scheduled for Nov. 14 to review market conditions, but OPEC did not rule out the possibility of slashing supplies before then.

“It was kind of expected, but it was very fair,” a floor trader said. “They seem to be saying, ‘Let’s not overdo it, let’s wait and see’ like everybody else.”

The producers, while dismissing the impact of oil prices on global economic growth, promised to defend the price of their reference basket of crudes.

“We still have as a target to stabilize prices between $22 and $28 ... and we are determined to defend, by any measures, that price target,” said OPEC President Chakib Khelil.