OPEC seems poised to raise output and Nigerian oil workers have dropped a threat to strike, thus easing worries over a possible supply crunch, triggering a slide in world oil prices. Oil prices dropped below US$53 a barrel on Monday. New York's main contract, light sweet crude for delivery in May, slid to US$52.60 a barrel and in London, the price of Brent North Sea crude oil for delivery in May, stood at US$52.05 a barrel.
OPEC could go ahead with a proposed output increase of 5,00,000 bpd next month despite a drop in prices. With this drop, oil prices are almost US$6 lower than the record peaks just a week earlier, when they reached US$58.28 a barrel in New York and US$57.65 in London on fears of gasoline shortages ahead of the summer driving season in USA
12-Apr-05 
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