Oil rises despite Saudi Arabia raising output

13:31, February 26, 2011      

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Crude prices ended panic soaring and stabilized on Friday after Saudi Arabia, the world's largest oil exporter, raised output to calm fears of supply disruptions caused by Libya's turmoil.

Until now three quarters of Libya's oil production has been affected during the turmoil, which still weighted in the oil markets.

The International Energy Agency (TEA) and Saudi Arabia both tried to calm down the markets in recent days, promising to tap into spare supplies. The IEA member nations have about 1.6 billion barrels in reserves.

On Friday, according to industry resources, Saudi Arabia has raised oil output by 3 million barrels per day.

International Monetary Fund's spokesman said the agency doesn't expect oil prices to keep climbing.

Revised figures from the Commerce Department indicating the U.S. economy grew at 2.8 percent in the fourth quarter, significantly lower than the 3.3 percent economists were expecting. Slower than expected economy growth pressured the oil demand.

Thanks to all these factors, oil prices started to stabilize and edged up.

Light, sweet crude for April delivery added 60 cents to settle at 97.88 dollars a barrel on the New York Mercantile Exchange, registering a weekly gain of 13.55 percent.

In London, Brent crude rose 78 cents to 112.14 dollars a barrel on the ICE Future exchange, with weekly rise of 9.38 percent.

Source:Xinhua
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