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| Oil price climbs on Opec stance | |
| (about 7 hours later) | |
| Oil prices have climbed above $109 a barrel as the rally seen late last week continued. | |
| US light, sweet crude rose more than $3 to $109.48 a barrel, but then tracked back slightly. This came after a gain of $2.40 on Friday. | |
| The rises were helped as producer group Opec reiterated that it saw no need to increase output. | The rises were helped as producer group Opec reiterated that it saw no need to increase output. |
| Investors have also been looking to move out of the weak dollar and into commodities, pushing up the oil price. | Investors have also been looking to move out of the weak dollar and into commodities, pushing up the oil price. |
| London Brent crude also rose, up $2 to $106.96. | |
| "Oil supply to the market is enough and high oil prices are not due to a shortage of crude but rather it is because of the decrease in the dollar's value, shortage of refinery capacity and some political tensions in the world," Opec secretary general Abdullah al-Badri said. | "Oil supply to the market is enough and high oil prices are not due to a shortage of crude but rather it is because of the decrease in the dollar's value, shortage of refinery capacity and some political tensions in the world," Opec secretary general Abdullah al-Badri said. |
| Commodities are viewed as an attractive alternative investment to dollars. | Commodities are viewed as an attractive alternative investment to dollars. |
| The dollar weakened in relation to the euro on Friday after official data showed US employers cut 80,000 jobs in March - the biggest monthly job decline in five years. | The dollar weakened in relation to the euro on Friday after official data showed US employers cut 80,000 jobs in March - the biggest monthly job decline in five years. |
| When the dollar weakens it becomes cheaper for foreign buyers to invest in commodities, which are priced in the US currency. | When the dollar weakens it becomes cheaper for foreign buyers to invest in commodities, which are priced in the US currency. |