OPEC Leaves Output on Hold, Oil Prices Jump

Oil Gains as OPEC Fails to Agree Quotas; U.S. Supplies Decline

June-08-2011 -- Oil rose for a third day in New York after OPEC failed to reach an agreement on production targets for the first time in at least 20 years and US crude inventories fell more than analysts forecast.

"You may start to see higher oil prices as the question mark over future supply grows larger," said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne, who predicted oil will average $113 a barrel in the third quarter. "There is now some question arising as to how willing OPEC is to step in and fill the breach."

Video: OPEC Leaves Output on Hold, Oil Prices Jump

Cato's Taylor Interview on Oil, OPEC

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