Oil Prices Rebound Toward $76

6 December 2009 (Last Updated December 6th, 2009 18:30)

Oil prices bounced back towards $76 a barrel following speculation that oil demand will increase in the US. For January delivery, NYMEX crude rose by 35 cents to $75.82 a barrel, while Brent crude increased by 28 cents to $77.80 a barrel by 00:37 GMT, according to Reuters.

Oil prices bounced back towards $76 a barrel following speculation that oil demand will increase in the US.

For January delivery, NYMEX crude rose by 35 cents to $75.82 a barrel, while Brent crude increased by 28 cents to $77.80 a barrel by 00:37 GMT, according to Reuters.

The current crude prices are comfortable and there is no need for OPEC to change its output targets, according to oil ministers from Arab producers.

Kuwaiti oil minister Sheikh Ahmad al-Abdullah al-Sabah said OPEC's compliance with its oil output targets is not tight enough and should be at 65% or more rather than a current 60%, writes Reuters.