Oil prices retreat
Oil prices had extended gains in earlier Asian trade following the news coming out of Saudi Arabia.
By Agencies |
LONDON: World crude prices fell slightly on Monday, but losses were limited by the threat of terrorist attacks on installations in Saudi Arabia, the world's biggest producer of crude, traders said.
New York's main contract, light sweet crude for delivery in December, dropped 25 cents to USD 60.50 per barrel in electronic deals before the official opening of the US market.
In London, Brent North Sea crude for December delivery lost 33 cents to USD 60.75 per barrel in electronic trading.
Oil prices had extended gains in earlier Asian trade following the news coming out of Saudi Arabia.
Oil installations in Saudi Arabia are a "high-probability potential target" for terrorist attack but tight security measures are in place to protect them, the Saudi interior ministry had said Friday.
Saudi Arabia pumps more than nine million barrels of oil per day and sits on a quarter of global oil reserves. It operates the world's largest oil terminal at Ras Tannura in the Gulf.
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