US light crude hit US$56 a barrel, before ending at US$54.55, down 84 cents. London Brent crude was down 58 cents to US$54.39 a barrel. The fall was followed by the statements from Saudi Arabia assuring online spare production capacity if buyers needed more oil.
Oil prices had risen since early last week, notching up gains of more than US$4 and coming within striking distance of the all-time high of US$58.28 set at the start of April as speculative funds surge back into the market. Those gains had been supported by a spate of refinery problems that has raised fears that refineries may struggle to meet rising demand.
26-Apr-05 
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