World oil prices fell by more than 1% on Monday- Light, sweet crude for March delivery fell as much as 82 cents in Globex electronic trading, settling at US$59.15 a barrel, while London Brent crude settled at US$58.34 a barrel.
This dip was recorded after a statement by Saudi Oil Minister that markets were healthier - OPEC may not need to cut or raise output when it meets in a month's time if current healthier market conditions continue, and an industry source that a South Korean refiner would receive an increase in Saudi supplies in March.
12-Feb-07 
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