Oil slipped but held above $71 yesterday as the OPEC rebuffed calls for more crude supplies
Oil slipped but held above $71 yesterday as the OPEC rebuffed calls for more crude supplies and Oman's exports remained shut in after a Gulf storm.
London Brent crude, seen as currently more representative of the global market, was down 13 cents at $71.09 a barrel at 0309 GMT, after rising 20 cents on Thursday. US crude fell 12 cents to $66.81 after a 97-cent rally.
Opec President and UAE Minister of Energy Mohammad Bin Dha'en Al Hamili said on Thursday that oil supplies were sufficient and there was no need for an emergency meeting. Consumers have been urging the group to produce more oil to lower prices.
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Prices were also lifted on Thursday by a report of Turkey launching a major incursion into northern Iraq, but this failed to spook traders for long and Turkey denied the move. A military source said troops had conducted a limited raid.
