After hitting record highs, oil prices remained steady over $1 lower around $56 on profit-taking.
Global oil prices remained high even with OPEC deciding to increase output by 500,000 barrels a day.
According to a Reuters article,
"U.S. light crude traded flat at $56.40 a barrel on the New York Mercantile Exchange, after hitting an all-time peak of $57.60 on Thursday.
Concerned that oil prices could rise further, Japan's top economic ministers said Tokyo was on alert over the possible impact on the country's slowly recovering economy."
"We will be watching the impact of higher oil prices on two fronts. One is Japanese corporate profits, which have been a key source of economic growth so far. The other is what happens to consumer confidence in the United States," said Economics Minister Heizo Takenaka.
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