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. Follow TheStreet.com on Twitter and become a fan on Facebook.