Oil prices fall on easing supply concerns
In London, Brent North Sea crude for December delivery shed 48 cents to 60.29 dollars per barrel in electronic trading.
By Agencies |
LONDON: World crude prices dropped further on Friday as worries over output eased in major oil producers Norway and Nigeria, traders said.
New York's main contract, light sweet crude for delivery in December, fell 36 cents to 60.00 dollars per barrel in electronic deals before the official opening of the US market.
In London, Brent North Sea crude for December delivery shed 48 cents to 60.29 dollars per barrel in electronic trading.
The contracts had closed down more than a dollar yesterday on profit-taking. It came after crude futures had jumped more than two dollars on Wednesday owing to renewed supply concerns as US heating stocks are falling ahead of the northern hemisphere winter.
Today meanwhile, Norway's leading oil company Statoil resumed production at its Snorre A platform in the North Sea after a two-week halt caused by safety problems. Norway is the world's third biggest exporter of oil.
And in Nigeria, Africa's largest producer of oil, protesting youths left three flowstations of the Anglo-Dutch oil group Shell yesterday which they had occupied since Tuesday.
Production was "very likely" to restart there today, Shell officials told AFP.
Oil prices "have gone up and down but remain around 60 dollars and in the short-term it will be around that level", said Victor Shum, an analyst for Purvin and Gertz in Singapore.
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