Oil edges down

08:44, January 19, 2011      

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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
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