Oil slips on OPEC silence
(AFP, LONDON) – Oil prices slipped below the 27-dollar-mark in London and 28 dollars in New York as stock levels rose and in the absence of concrete news from the Organization of Petroleum Exporting Countries (OPEC).
At the start of last week, OPEC had promised an extra 500,000 barrels a day unless prices stabilized, but since then the market has remained calm.
The more moderate mood was helped by publication of figures showing increased stocks in the United States, the world's leading consumer nation.
OPEC sources say no production increase is now expected, although unofficial reports suggest Saudi Arabia, the world's leading oil producer, has leaked extra supplies on to the market.
The coffee market, dominated by surplus supplies, continued to weaken as frost spared production regions in Brazil, the world's leading producer nation.
By Coralie Schaub
© 2000 Mena Report (www.menareport.com)