Oil prices ease but remain at 57 dollars
AFP, February, 2007
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LONDON (AFP) — World oil prices have eased but held on to much of the previous day's big gains that were sparked by lower-than-expected US heating fuel stocks.
They added that market jitters persisted over the Organization of Petroleum Exporting Countries because the powerful oil cartel was due to fully implement its recent output cut.
In London, the price of Brent North Sea crude for March delivery shed 40 cents to 57.00 dollars per barrel in electronic deals.
New York's main oil futures contract, light sweet crude for delivery in March, slid 64 cents to 57.50 dollars per barrel in floor trading.
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"I think it's a little bit of a reaction after yesterday's over-reaction to the distillates draw," said Global Insight analyst Simon Wardell Thursday.
The US Department of Energy said US distillates stocks -- including diesel and heating oil -- ...
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