Oil Prices Stay Above $51 A Barrel

    February 24, 2005

Oil Prices stayed above $51 a barrel while traders remained anxious about OPEC and cold weather.

Light, sweet crude for April delivery went up to $51.59 a barrel while heating oil increased to $1.4935 a gallon. Brent crude went up to $49.04 a barrel.

According to ABC News,

“Oil prices had pulled back slightly Wednesday as the president of OPEC sought to quell concerns that the group would cut production. Sheik Ahmad Fahad al Ahmad al Sabah, who is also Kuwait’s oil minister, said OPEC won’t allow prices to “surge to record levels.”

His comments tempered concerns about a possible supply cut on March 16 when OPEC members gather in Iran, fueled in part by comments from Saudi Oil Minister Ali Naimi, who said the kingdom would not let supply rise above current levels during the second quarter.”

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