OPEC keeps oil production unchanged

In a statement, the Organization of Petroleum Exporting Countries said it was "pleased to observe the positive effects," of its decision in September to cut production by 4.2 million barrels per day.

Oil prices fell from a peak above $147 per barrel in July to a low around $35 per barrel in mid-January. Prices have since risen, reaching $64.05 per barrel on the New York Mercantile Exchange Thursday.

OPEC said crude oil inventories remain high and "crude volumes entering the market are still in excess of actual demand."

"Although some recent positive economic indicators point towards the possibility of the recession bottoming-out before year-end, the world is nevertheless still faced with weak industrial production, shrinking world trade and high unemployment," OPEC said in a statement.

Copyright 2009 by United Press International