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While some OPEC oil ministers who attended this weekend's Riyadh summit continued to express support for shifting a portion of their cash reserves to the euro and away from the dollar, oil market traders and analysts focused on OPEC's failure to boost oil production. This helped move oil prices higher in mid-day trading Monday.Oil, which traded around $94.50, is priced in dollars, hence when the dollar falls, the purchasing power of nations with petro dollars declines. Some OPEC members, including Iran and Venezuela, voiced strong support for converting cash reserves to a currency other than the dollar. Iranian President Mahmoud Ahmadinejad called the dollar a "worthless piece of paper," the Associated Press reported.
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