Oil Falls But Remains Above $53

Oil prices fell but remained above $53 a barrel after conflicting statements from members of OPEC.

OPEC will be meeting in Iran on March 16 to discuss supply and demand.

An ABC News article says:

“Analysts said that with prices well over US$50 a barrel, OPEC oil ministers were not interested in adding further volatility to the market. But they suggested the organization could reconsider if crude fell much below present levels.

Light sweet crude was down 29 cents, fetching US$53.60 by afternoon in Europe on the New York Mercantile Exchange. Prices for heating oil edged down to US$1.4820 a gallon (3.8 liters).”

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