Crude eased after Kuwaiti Oil Minister and OPEC?s head at the same time Sheikh Ahmad al-Fahd al-Sabah, said the group would act to cool oil prices if they kept rising.
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Oil Slipped, OPEC Assured Prices Won't Go Higher
Oil prices eased slightly on Wednesday as OPEC sought to assure...
Oil prices eased slightly on Wednesday as OPEC sought to assure traders it would not let prices rise too high.
US crude oil prices fell 25 cents to $50.17 a barrel on the New York Mercantile Exchange, after gaining $2.80 on Tuesday, the fastest rise in one session since October 2000. On London?s IPE Brent crude futures settled down 11 cents to $48.51 a barrel.
US heating oil futures stayed on the boil, limiting crude's losses, as forecasters predicted more cold and snow for the Northeast next week. Heating oil settled up 4.29 cents at US$1.4831 a gallon after hitting a 13-week high at US$1.4875.
Crude eased after Kuwaiti Oil Minister and OPEC?s head at the same time Sheikh Ahmad al-Fahd al-Sabah, said the group would act to cool oil prices if they kept rising.
Crude eased after Kuwaiti Oil Minister and OPEC?s head at the same time Sheikh Ahmad al-Fahd al-Sabah, said the group would act to cool oil prices if they kept rising.
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