Oil down 3.5 percent as OPEC signals stable output

Source: www.gulfoilandgas.com 2/12/2007, Location: Europe

Oil dropped nearly 3.5 percent to below $58 as OPEC members including Saudi Arabia signaled the group would probably keep output stable when it meets in March and as U.S. winter supply concerns eased.

U.S. crude settled down $2.08 to $57.81 a barrel, after dipping as low as $57.38 in earlier activity. London Brent crude slid $2.41 to $56.60.

The losses came after Ali Al-Naimi, oil minister for OPEC powerhouse Saudi Arabia, said the cartel would probably keep production levels steady at its next meeting on March 15.

The group has already cut 1.7 million barrels per day -- six percent of OPEC supplies -- in two stages on November 1 and February 1, after oil prices tumbled from record highs over $78 a barrel in July.

OPEC ministers from Kuwait, Algeria and Nigeria have lined up in recent days to say that, barring unforeseen developments, there was no need for further OPEC supply reductions.

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Oil down 3.5 percent as OPEC signals stable output

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