Oil Prices Down, Supply Worries Eased

Oil prices went down with OPEC suspending talks about an output increase calming worries about supplies.

Prices, however, stillremain close to their record closing high of $56.72.

According to an Associated Press article,

In the latest signal that OPEC considered the market under control, Qatar’s oil minister, Abdullah bin Hamad Al Attiyah, said he did not expect the group to meet before June, as scheduled, saying there were no supply problems.

On Tuesday, OPEC President Sheik Ahmed Fahd al Ahmed Al Sabah, who is also the oil minister of Kuwait, said the group would be watching oil prices to determine whether another production increase is necessary.

“We will resume talks once oil prices increase,” said Al Sabah.

OPEC’s next meeting is scheduled for June.

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