OPEC Secretary General Abdullah al-Badri (L) speaks at a news conference in Vienna, Austria, June 5, 2015. OPEC decided to maintain its production ceiling at 30 million barrels a day at the cartel's meeting here on Friday. (Xinhua/Qian Yi)
NEW YORK -- Oil prices rebounded Friday after the Organization of Petroleum Exporting Countries (OPEC) declared to keep output quota unchanged.
The OPEC kept its output quota of 30 million barrels per day at Friday's meeting, which was widely anticipated.
The cartel's output accounted for around 40 percent of the global crude output. In May OPEC output increased to more than 31 million barrels per day, according to the estimate of Bloomberg.
The strong U.S. job data also supported the market. U.S. total nonfarm payroll employment added 280,000 in May, well above market consensus of 220,000, and the unemployment rate was essentially unchanged at 5.5 percent, the U.S. Labor Department reported Friday.
In May, average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents to 24.96 U.S. dollars. Over the year, average hourly earnings have risen by 2.3 percent.
Light, sweet crude for July delivery moved up 1.13 U.S. dollars to settle at 59.13 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 1.28 dollars to close at 63.31 dollars a barrel.
