25-03-2008
Oil prices fall
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The price of oil yesterday (March 24th) dropped to almost $100 (£50.39) a barrel.
On the back of promises by Saudi Arabia that efforts to increase production were being undertaken, the price of US light sweet crude fell to $100.02 during trading in Asia.
"I think there's still a lot of profit taking in the market and that is pushing down oil prices," said Tetsu Emori, a Tokyo-based representative from Astmax.
In a statement, the Supreme Council of Petroleum and Mineral Affairs, noted: "The kingdom will work with OPEC countries, other producers and consuming countries towards oil market stability and to avoid the effects of harmful speculation."
In New York, the price of oil later grew to $101.65 per barrel. In related economic news, during trading yesterday, China's primary stock markets fell to a one-day low not seen since the latter part of January 2008. Prior to the close of markets the Shanghai Composite index fell to 3,626.19, a decline of 4.5 per cent.