After sharp losses late last week, oil prices steadied around US$58 a barrel on Monday as the market seems likely to lie low until Opec meets at the end of January to discuss a possible production cut. The US National Weather Service has predicted warmer-than-normal temperatures from January to March in most parts of USA, easing concerns over winter demand. Crude stockpiles also look comfortable at around 13% above last year's levels. US crude dipped to US$58.00, after shedding US$1.93 on Friday. London Brent slipped to US$57.12 after sliding US$2.27 on Friday.
Opec has been pumping flat-out in an effort to hold down soaring prices that hit an all-time high of around US$71 a barrel in the wake of Hurricane Katrina's devastating swathe of destruction across the US Gulf Coast. Opec agreed at a meeting last Monday to continue official output quotas, but advocated a cut in production ahead of Q2. Opec meets again on January 31, earlier than expected.
20-Dec-05 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}