Important OPEC member Saudi Arabia on Monday said it was satisfied with current oil prices , praised the " stability " of supply and demand in the global market .
" The current price is suitable for both producer and consumer countries , and the global economy , " said the Saudi cabinet in a statement after its weekly meeting , AFP reported .
Cabinet to discuss report of OPEC meeting held last week , praised " the current stability in the global oil market , as well as the stability of supply and demand , " the state news agency SPA said .
Organization of Petroleum Exporting Countries ( OPEC ) agreed on Wednesday ( 4/12 ) to maintain its crude oil production ceiling at 30 million barrels per day , although there are concerns oversupply and competition from cheaper oil shale .
Oil prices rose in Asian trade on Monday as strong U.S. jobs data raised hopes for stronger energy demand in the world's largest economy .
New York's main contract , light sweet crude or West Texas Intermediate ( WTI ) for delivery in January, rose 18 cents to 97.83 dollars per barrel in afternoon trade , while Brent North Sea crude for January rose 13 cents to $ 111.74 U.S. dollar
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