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World oil prices dropped Monday after OPEC kingpin Saudi Arabia said over the weekend that the oil cartel might raise output to help combat high energy rates, analysts said.
World oil prices tumbled on Monday after OPEC kingpin Saudi Arabia said over the weekend that the oil cartel might raise output to help combat high energy rates, analysts said.
Oil prices fell Monday after Saudi Arabia and Kuwait hinted of an OPEC output hike ahead of the cartel's meeting this weekend and investors continued to worry about slowing economic conditions.
Saudi Arabia's oil minister ruled out a hike in oil production in response to soaring prices at an OPEC meeting this weekend in an interview published Tuesday.
World oil prices extended losses Tuesday after their recent record-breaking run higher, as the International Energy Agency lowered its global demand forecast for crude, analysts said.
Britain's 12-month inflation rate increased to 2.1 percent in October from 1.8 percent in September on the back of soaring road fuel prices, official data showed on Tuesday.
World oil prices surged Wednesday as OPEC chief Abdallah al-Badri rejected US calls for the cartel to increase output to help cool the market.
World oil prices fell slightly Thursday as OPEC lowered its estimate for demand growth and ruled out a hike to crude output.
World oil prices fell sharply Thursday on easing supply concerns as OPEC lowered its estimate for demand growth and the US government revealed a surprise increase to crude stockpiles, traders said.
World oil prices retreated Thursday on easing supply concerns as OPEC lowered its estimate for demand growth and the US government reported a surprise increase in crude stockpiles, traders said.
Algerian Energy Minister Chakib Khelil said Friday that oil prices would remain at current levels until the end of the first quarter of next year, but would not breach 100 dollars a barrel.