Oil prices held steady Monday, easing just under $57 as Saudi Arabia pledged...
Oil prices held steady Monday, easing just under $57 as Saudi Arabia pledged that OPEC producers could decide at any time to increase supply to the market.
US light crude for April delivery was down 22 cents to $56.50 a barrel in New York. Meanwhile, Brent crude futures were down 19 cents a barrel at $55.40 on the IPE in London.
Prices were supported by concern that Nigerian oil supplies would be disrupted by a planned three-day strike in April over employment issues.
US gasoline futures rose to an all-time high of $1.60 a gallon.
Saudi Arabia continued to reassure dealers that there were ample supplies to meet robust demand, saying it had 1.5 million barrels a day of spare production capacity, which could be sent to the world market immediately if needed.
Saudi oil minister Ali al-Naimi said Sheikh Ahmad had begun consulting members about a second 500,000b/d oil supply boost.
