Oil tops $63 US a barrel

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

The rise came as Saudi Oil Minister Ali Naimi said he saw no need for the oil cartel to cut production, saying the group should “stay the course.”

Naimi told reporters that the global price of oil would likely get to about $75 US a barrel by the end of the year.

The price of oil fell to the low-$30s as the world economy slowed.

On the New York Mercantile Exchange, oil for July delivery gained $1 to settle at $63.45 US a barrel, although that was down from its earlier high of $63.82 US a barrel.

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