TODAY.AZ / Business

Oil prices about to level off

02 February 2007 [01:02] - TODAY.AZ
Oil futures regained nostalgic prices Wednesday.

Light, sweet crude for March delivery jumped $1.17 to settle at $58.14 on the New York Mercantile Exchange. March Brent crude at London’s ICE Futures exchange climbed $1.01 to $57.40 a barrel, the APA reports.

The U.S. Energy Information Administration's weekly inventory report reaffirmed that the stockpile remains abundant, recent weather change has been drinking heating fuel supplies.

Saudi Arabia said it would cut supply by a further 158,000 barrels a day, effective Feb. 1. OPEC is also expected to reconsider its current output to counterbalance tendencies.


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