Crude oil prices fell sharply Tuesday as traders speculated that OPEC would supply the market
Crude oil prices fell sharply Tuesday as traders speculated that OPEC would supply the market with more oil.
US light sweet crude for May delivery fell $1.43 to $56.03 per barrel on the New York Mercantile Exchange. The April contract expired yesterday at $ 56.62 per barrel.
Meanwhile, on London's IPE Brent crude for May delivery settled down as mush as $1.06 to $54.59 a barrel.
OPEC officials reassured the market that it would produce more to meet rising demand.
Saudi Arabian oil minister Ali al-Naimi said Monday that the group's president was in talks with members about the date of a second half-million barrel increase.
He added that Saudi Arabia was already pumping 9.5 million barrels a day and could raise output to 11 million a day if needed.
