The crude oil prices that had risen above US$55 per barrel on Monday dipped yesterday, while traders made profit from the previous day's run- up in prices.
A fall in the price of light, low-sulfur crude was recorded for July delivery. Prices were held at US$54.98 per barrel on the New York Mercantile Exchange and US$53.74 in London.
Though the world's oil producing cartel OPEC is to meet today in Vienna to discuss the increase in production of oil, the group's pricing power is currently assumed to be marginal.
15-Jun-05 
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