News of the release of an American oil worker kidnapped in Nigeria has caused oil prices to fall. Light, sweet crude for March delivery lost 30 cents to US$59.09 a barrel in Asian electronic trading on the New York Mercantile Exchange midmorning in Singapore. Trading was quiet in Asia due to the Lunar New Year holidays. The end of last week saw oil prices spike by over a dollar amid worries of escalating unrest in Nigeria.
Iran's oil Minister has been reported to have said that Organization of the Petroleum Exporting Countries (OPEC) would not institute any further cut in its output ceiling at its March meeting in Vienna, over the 500,000 bpd, that went into effect in February, if the price of crude oil maintains its current upward trend.
19-Feb-07 
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