Oil prices eased further on Thursday but remained within a narrow range above $26 a barrel with few new fundamental factors affecting prices.
A barrel of Brent North Sea reference crude for March delivery was selling for $26.46 a barrel on Wednesday, from $26.66 overnight. The New York light sweet crude March contract fell 40 cents on Wednesday to $28.66.
Crude prices have come under pressure recently after warmer weather was predicted for the US northeast, pegging back the price of refined products which had a knock-on effect on the crude market.
US stock levels contracted sharply last week, according to the latest data, but market players believe there will still be enough crude to go round.
The composite price of seven world crudes which the Organisation of Petroleum Exporting Countries (OPEC) uses as a guideline for production policy stood at $24.66 on Wednesday from $24.56 on Monday, the Vienna-based OPECNA agency said. --AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com )