Oil edges down

08:44, January 19, 2011      

Email | Print | Subscribe | Comments | Forum 

Crude oil price edged down on Tuesday as the Trans Alaska Pipeline restored oil flow and the International Energy Agency (IEA) said that some members of Organization of the Petroleum Exporting Countries (OPEC) may have quietly raised production.

The Trans Alaska pipeline, shut down for more than a week, restarted on Monday. The pipeline was expected to boost throughput to 500,000 barrels per day within 24 hours.

The IEA said on Tuesday, OPEC may be quietly increasing output in response to higher oil prices and Saudi Arabia appears already to have raised its production.

But the decrease was limited as the IEA raised its 2011 oil demand growth forecast by 80,000 barrels per day to 1.41 million barrels on signs of buoyant economic growth, especially in emerging markets.

Light, sweet crude for February delivery settled 16 cents lower to 91.38 dollars a barrel on the New York Mercantile Exchange.

Source: Xinhua
  • Do you have anything to say?


Special Coverage
  • Focus On China
  • Shanghai World Expo 2010
Major headlines
Editor's Pick
  • Chongqing cadres don Red Army uniforms to relive history
  • 7.4-magnitude quake hits Pakistan
  • 20,000 bottles reborn as polar bears show art of recycling
  • America remembers Martin Luther King, Jr.
  • 800-year-old temple displays Buddha body relics
  • ICBC to open 5 new European branches
Hot Forum Dicussion