Oil prices fall in Asia
Tuesday, 18 September 2007
SINGAPORE, Sept 17 (AFP): World oil prices fell today in Asian trade, easing back from record highs reached last week, dealers said.
New York's main futures contract, light sweet crude for delivery in October, was 52 cents lower at 78.58 dollars per barrel from 79.10 dollars per barrel in late US trades Friday when the contract moved briefly to a new high at 80.36 dollars.
On Thursday it reached a record 80.20 dollars.
Brent North Sea crude for November delivery was 27 cents lower at 75.95 dollars a barrel.
Abdalla Salem El-Badri, chief of the Organisation of the Petroleum Exporting Countries (OPEC), said Friday that 80-dollars a barrel for oil did not reflect the current demand and supply situation.
"I don't think 80 dollars (per barrel) will last," El-Badri told journalists in Vienna.
OPEC decided last Tuesday to pump an extra 500,000 barrels of oil per day from November, and Ernsberger said the market was now moving towards 76 or 77 dollars a barrel.
Prices began easing Friday as the impact faded from Humberto, which hit the Texas coast at hurricane strength and then weakened, but still caused significant damage to the oil- producing area.
New York's main futures contract, light sweet crude for delivery in October, was 52 cents lower at 78.58 dollars per barrel from 79.10 dollars per barrel in late US trades Friday when the contract moved briefly to a new high at 80.36 dollars.
On Thursday it reached a record 80.20 dollars.
Brent North Sea crude for November delivery was 27 cents lower at 75.95 dollars a barrel.
Abdalla Salem El-Badri, chief of the Organisation of the Petroleum Exporting Countries (OPEC), said Friday that 80-dollars a barrel for oil did not reflect the current demand and supply situation.
"I don't think 80 dollars (per barrel) will last," El-Badri told journalists in Vienna.
OPEC decided last Tuesday to pump an extra 500,000 barrels of oil per day from November, and Ernsberger said the market was now moving towards 76 or 77 dollars a barrel.
Prices began easing Friday as the impact faded from Humberto, which hit the Texas coast at hurricane strength and then weakened, but still caused significant damage to the oil- producing area.