The U.S. stock market closed in the green on Friday as a result of optimism in the market from upbeat data from U.S. companies, looking at oil shares, we see that Exxon Mobil dipped 0.01 points or 0.01% to $68.21, ConocoPhillips fell 0.41 points or 0.81% to $49.80 while Chevron Corp. rose 0.12 points or 0.15% to $76.90.
Today, OPEC which produces nearly 35% of the world's crude oil, met in Angola saying that they are going to hold output steady ahead of the OPEC meeting since prices are already high and there is no need to cut supplies as a way to boost prices. Oil prices were hardly affected by the decision as we saw that oil opened at $74.39 while recording a high of $74.87 per barrel and a low of $74.02 per barrel.
The Dollar Index which measures the dollar against six major currencies rose to a three month high, the dollar is usually watched carefully in the oil markets since oil is priced in dollars. The Dollar Index is currently traded at 77.81 while recording a high of 77.90 and a low of 77.65.
The outlook for oil prices in the long run is that it will continue to decline as a result of the global recession which weighs heavily on oil markets therefore holding back prices from rising led from the crippled demand.