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Oil prices hit five-month low

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Wednesday, Sept 10, 2008

Oil prices have slid to their lowest levels since April amid signs that production cartel Opec was planning to keep supply levels steady.

Opec members including Saudi Arabia and Iran are holding their regular six-monthly meeting in Vienna, with analysts expecting the organisation to maintain a production target of 29.673 million barrels per day.

October Brent crude fell by 4.14 US dollars to 99.30 US dollars a barrel on London’s ICE commodities exchange, slipping below 100 US dollars for the first time since the beginning of April.

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Light, sweet crude traded on New York Mercantile Exchange – the world’s benchmark crude price – also dropped to a level not seen since April, falling by more than three US dollars a barrel to settle at 103.26 US dollars.

Saudi Arabia, which accounts for around a third of Opec output, signalled before the meeting that it was happy with the current oil situation.

Oil minister Ali Naimi told reporters in Vienna: “The market is fairly well balanced. I think things are in balance, in a healthy position.”

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This article was posted: Wednesday, September 10, 2008 at 3:32 am

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