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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.
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