25 Jan '11, 3am

Oil down in Asia on talk of OPEC crude rise

SINGAPORE: Oil prices fell in Asian trade Tuesday in the wake of OPEC powerhouse Saudi Arabia saying the cartel may boost crude output in tandem with a projected demand increase this year. New York's main contract, light sweet crude for March delivery, dipped 40 cents to $87.47 per barrel. Brent North Sea crude for delivery in March was down 34 cents to $96.27. "Markets have been reacting to the Saudi oil minister," said Victor Shum, senior principal for Purvin and Gertz international energy consultants in Singapore. "The Saudi oil minister pushed oil prices lower when he suggested that they could increase production even though (there was) no commitment to do so, and in Asia today, we continue to see that trend," he said. The Organization of the Petroleum Exporting Countries (OPEC) could raise output to meet a two per cent increase in demand during 2011, Saudi's oil minis...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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