NEW YORK ( TheStreet) -- Oil prices were higher Wednesday following a report that OPEC will keep output levels unchanged.

The Saudi oil minister said the oil market is enjoying "good demand, reliable supply, beautiful prices," the Associated Press reports.

A formal decision from OPEC is expected later Wednesday.

Oil ministers from the OPEC nations are generally OK with oil prices around $80 a barrel.

Oil prices rose Wednesday by 61 cents a barrel to $82.31 in electronic trading o Globex. The high for the session was $82.40.

-- Reported by Joseph Woelfel in New York.

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