Oil prices dipped as temperatures rose in Northeast USA. Also fuelling the decline was reports from the US government of a smaller-than-expected decline in natural gas inventories. An unexpected rise in petrol inventories and a surprising decline in the nation's oil supply. Light sweet crude for March delivery dipped to US$46.45 per barrel on the New York Mercantile Exchange, and Brent crude fell to US$43.85 a barrel on the International Petroleum Exchange.
Organisation of Petroleum Exporting Countries warned that prices would remain high through the spring and kept its production ceiling unchanged. OPEC seems ready to cut its crude supplies if there is a buildup of oil inventories during the second quarter, to avert a collapse in prices.
04-Feb-05 
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