Oil Prices Remain Near $51

By WebProNews - Fri, 02/25/2005 - 15:18

Oil prices stayed around $51 a barrel even with warnings that economic growth will possibly be hurt by rising fuel costs.

U.S. oil prices fell 42 cents to $50.97 a barrel and Brent crude dropped 50 cents to $48.94.

According to a Reuters article,

"Dealers shrugged off news of rising U.S. crude stockpiles to focus on Saudi Oil Minister Ali al-Naimi's forecast that oil would stay between $40 and $50 for the rest of this year, a signal the OPEC cartel might be happy with such levels.

In the past, members of the Organization of the Petroleum Exporting Countries (OPEC), which controls about 40 percent of global exports, had said they viewed $50 as too high.

Sustained global growth has backed up the view that consuming nations can weather higher costs, but consuming nations are growing increasingly anxious as prices close in on last year's record $55.67 peak."

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