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Oil prices fall as OPEC cites demand gap and steady Gulf output
Crude oil dropped 68 cents to $43.31 a barrel as OPEC president Yusgiantoro said world production runs 1.5 million barrels daily above demand. Amid talks in Vienna on price relief, traders note Gulf of Mexico output remains intact post Frances and fears of Iraqi disruptions ease. Market sentiment shifts with prices off last month’s near 50 dollars and speculators retreat.
MENTIONED IN THIS ARTICLE
Washington
OPEC
Gulf of Mexico
Ed Sire
Energy Merchant
New York
Iraq
New York Mercantile Exchange
Russia
Venezuela
World Energy Congress
Sydney
Organization of Petroleum Exporting Countries
Purnomo Vusgiantoro
Yusgiantoro
Vienna
Tom Bentz
BNP Paribas
Bentz
Nymex