Oil prices rose on world markets.
Oil prices gained as much as 20 cents a barrel after OPEC President Rilwanu Lukman predicted that demand for the cartel’s oil would exceed its new production lid and be stronger than projected. United Arab Emirates Oil Minister Mana Said Otabia said his country, which has been violating its OPEC-assigned output quota, is “fully committed” to the new pact, the OPEC news agency reported. On the European spot market, the Emirates’ Dubai Light--a major OPEC crude--climbed 10 cents a barrel to $17.35. Britain’s North Sea Brent crude was unchanged at $18.95 a barrel. On the New York Mercantile Exchange, West Texas Intermediate for immediate delivery gained 13 cents to $20.61 a barrel.
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