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Brent oil price firm over $91 ahead of OPEC meeting

Brent oil prices open Friday’s trading session firm over $91 per barrel ahead of the next planned OPEC meeting, due to take place tomorrow in Quito, Ecuador.

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In London, Brent crude oil futures for January 2011 delivery was trading at $91.49 a barrel, 07.45 GMT this morning on the ICE Futures Exchange.

A faster than expected recovery in global oil demand, fueled by the cold winter in Europe and inflows of speculative capital is pushing the price of a barrel of Brent oil back towards the $100 mark.

The question is if the oil prices rise well above $90 will OPEC say something about it. Saudi Arabia recently said oil prices at $90 are comfortable but not above $90.

However, OPEC appears unlikely to raise oil supply targets to cap an oil price rally when it meets in the Ecuadorean capital Quito, but could hint at the possibility of higher production later.

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