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Oil prices eased a bit after reaching 16-week highs with OPEC saying it would not cut production.

"What I can stress is that we will strive, just like we have worked in 2004, for prices not to rise exceptionally and to work for the stability of prices and the continued guarantee of crude oil on world markets," said Kuwaiti Oil Minister and OPEC president Sheikh Ahmad al-Fahd al-Sabah.

OPEC is scheduled to meet on March 16 in Iran.

According to Times Online:

"New York's main contract, light sweet crude for delivery in April, fell 36 cents to 51.06 dollars a barrel in electronic deals. The March contract had surged $2.80 to close at $51.15 a barrel before expiring - the first time it has breached the $50-mark since November.

In London, the price of Brent North Sea crude oil for delivery in April, dropped 41 cents to 48.21 dollars a barrel on Wednesday."

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