Crude falls to $97 on easing of supply fears

PTI Singapore | Updated on February 25, 2011

Crude prices fell in the Asian trade today as supply fears eased with oil cartel OPEC promising to boost output to make up for any production loss in revolt-hit Libya.

New York’s main contract, light sweet crude for April delivery, dipped 40 cents to $96.88 per barrel. Brent North Sea crude for delivery in April was down 47 cents to $110.89.

The Saudi Oil Minister, Mr Ali al-Naimi, said on Tuesday OPEC was prepared to meet any shortage of supplies due to unrest in West Asia and that its members had sufficient spare capacity to do so.

Published on February 25, 2011

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