Oil prices saw a marginal drop on Monday, but continued to hover around US$69 a barrel as worries over Iran's nuclear ambitions that might affect oil supplies continue to plague the market. Light, sweet crude for July delivery dipped to US$69.28 a barrel in electronic trading on the New York Mercantile Exchange and Brent futures for August dipped to US$68.13 on London's ICE futures exchange.
Worldwide economic output has surged at almost 15% over the past three years. However, this robust economic performance, with some exceptions, has not been reflected by corresponding growth in oil demand, as per a report by OPEC. Recent high retail prices for oil-related products appear to be containing demand, a trend reflected by a marginal drop in production from OPEC nations to just under 29.5 million barrels in May with oil powerhouse Saudi Arabia reducing output.
20-Jun-06 
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