Nymex’s crude oil rose 0.7% to US$53.97 per barrel in Asian trading this morning. Reuters reported on Wednesday (Feb 22) that Iraq thought that OPEC should hold a new meeting to discuss the cartel’s oil production cuts, given the fact that the current oil prices were still below expected levels, needed to replenish the budget deficit of Iraq. Iraq needed oil to reach US$60 per barrel in order to fill in the budget deficit gap.To subscribe please click here