Source Pravda.Ru

Oil prices slip after OPEC's forecast

Crude prices slipped Thursday from early highs, as traders weighed &to=http:// english.pravda.ru/comp/2002/09/24/37132.html ' target=_blank>OPEC's forecast of rising global demand against concerns about production cuts and violence in the &to=http:// english.pravda.ru/mailbox/22/98/386/14315_Berglin.html' target=_blank>Middle East.

Light, sweet crude for March delivery was down 18 cents at $48.15 a barrel in midday trading on the New York Mercantile Exchange, after hitting $48.65 earlier in the day. On Wednesday, crude had risen more than $1 a barrel.

"Trees don't grow to the skies prices take a breather now and then," said Fadel Gheit, senior oil analyst at Oppenheimer & Co. in New York, says ABC News.

According to the CBS News, heating oil was down 0.70 cent at $1.3350 a gallon. Brent crude was up 26 cents at $46.41 on the International Petroleum Exchange.

In its monthly report Wednesday, OPEC predicted an increase in daily demand of 83.8 million barrels, 5 percent more than the group estimated last month. Oil prices have been inching upward for more than a week on worries that OPEC, which controls 40 percent of world oil exports, might cut production at its March 16 meeting in Isfahan, Iran.

Comments
British football fans spineless to unleash World War Three in Russia during World Cup
Beautiful and terrifying: Russia shows video of Bulava ICBM underwater salvo launch
Kremlin on failed nuclear missile tests: 'Listen to President Putin and believe him!'
Kremlin wants foreign invaders out of Syria
Kremlin on failed nuclear missile tests: 'Listen to President Putin and believe him!'
What may happen to foreign tourists traveling for 2018 World Cup in Russia
Kremlin on failed nuclear missile tests: 'Listen to President Putin and believe him!'
Russian special services detain Hizb ut-Tahrir members in Crimea
Russian special services detain Hizb ut-Tahrir members in Crimea
Foreign Ministry official explains why Russia had to sell Alaska to US
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Just Words on Scraps of Paper
Just Words on Scraps of Paper
SWIFT refuses to cut Russia off, even if Washington insists
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Russia introduces new money for the first time in eight years
Russians massively break traffic rules on Crimea Bridge
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
The Royal Wedding and the Silly Season
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Kremlin on failed nuclear missile tests: 'Listen to President Putin and believe him!'