Crude prices dip as Saudi opens taps
25 Feb 2011
Crude oil prices fell below $100 a barrel levels after reports that Saudi Arabia has increased its daily output to 9 million barrels per day against its OPEC quota of 8.05 million bpd.
US sweet light crude for April delivery on New York's main contract slipped 40 cents to $96.88 per barrel today. The pullback also helped support Asian and European markets.
Brent crude, however, hovered above $112, but was down from the previous day's highs near $120 a barrel.
"We have started producing over 9 million barrels per day," a report quoted an industry source as saying.
Crude prices have risen more than 13 per cent this week, the biggest gain since the five days ended 27 February 2009.
On the local Multi Commodity exchange, crude oil futures slipped by Rs100 to Rs4,604 per barrel on heavy off-loading by speculators on the back of weakening global trend.
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