Oil prices rose above $63 US a barrel on Wednesday in advance of an OPEC meeting on production.

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SAUDI Arabian oil minister Ali al- Naimi said the price of oil will climb to $75 a barrel when demand picks up.

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The price of oil breached 62 dollars a barrel in New York Wednesday, scaling a new six-month high, amid a bigger-than-expected drop in US crude reserves and a weakening greenback.

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Continued optimism that the world economy is on the mend has helped lift the price of a barrel of crude oil above $60.

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Norway’s center-left government effectively delayed a parliamentary vote on Monday on whether majority state-owned oil and gas producer StatoilHydro should withdraw from a $2 billion Canadian oil sands venture.

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World oil prices rose on Wednesday, but remained below 60 dollars per barrel as traders awaited publication of the weekly US energy stocks report. Skip related content.

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The OPEC members most dependent on costly oil face a long struggle as some demand has gone for good and a target of around $75 a barrel is a distant dream, the executive director of the Center for Global Energy Studies said.

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Oil prices fell for a second straight day on Tuesday to below $58 a barrel on weaker equities, consolidating after touching a six-month peak last week, as China disappointed markets with a sharp drop in April exports.

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Crude oil settled above 53 U.S. dollars on Friday as a report showing signs of improvement in manufacturing offset lackluster economic reports.

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Chinese oil company CNPC has agreed to buy PetroKazakhstan Inc. for $4.18 billion in China’s largest foreign takeover, beating rival bidders including top Indian oil firm ONGC, the Reuters reported.

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