The price of oil eased back to $26 a barrel here on Thursday morning, when traders awaited fresh inspiration from the US market.
Reference Brent North Sea crude for March delivery was selling for $26 a barrel, from $26.26 at the previous close.
In New York, the benchmark light sweet crude March contract closed down 52 cents at $29.05 on Wednesday.
The basket price used by the Organisation of Petroleum Exporting Countries to help set output quotas edged up to $25.39 a barrel on Wednesday, from $25.33 Tuesday, the OPECNA news agency reported.
"We didn't see any news overnight, that's the reason why it's so quiet this morning," GNI trader Paul Goodhew said. "I think we are not going to see much action until New York comes in later on this afternoon."
Prudential Bache trader Christopher Bellew said that the recent downturn had been aided by the restart of Iraqi exports over the weekend through the Turkish port of Ceyhan.
Iraq's flow of crude has been choked since Baghdad halted exports in December over a pricing dispute with the United Nations.—AFP.
©--Agence France Presse. 2001.
© 2001 Mena Report (www.menareport.com )