Crude notches higher, OPEC quota hike expected
LONDON (CBS.MW) -- North Sea Brent crude oil futures were last up 0.1 percent, or 42 cents at $37.28 a barrel as the markets awaited results of an OPEC meeting on a hike to oil production quotas. The ministers are expected to be working on agreement to give members room to produce an additional 1 million to 1.5 mln barrels-per-day above a new, higher quota limit, AFX News reported from Beirut. The Brent contract spiked to a high of $37.77 earlier after the Kuwaiti oil minister Ahmad Fahed al-Sabah signaled at the Beirut meeting that OPEC is considering two proposals to increase its output ceiling. "There are two proposals. One to increase the ceiling by 1 milion to 1.5 million bpd. The second is to increase the ceiling by 2 million to 2.5 million bpd," Sabah told Agence-France Presse. Saudi Arabia has called for a 2.5 billion bpd hike.
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