Oil prices hold steady at $25 a barrel

Published March 22nd, 2001 - 02:00 GMT

Oil prices remained stable around $25 a barrel here on Thursday in the absence of any market-moving news. 

 

A barrel of benchmark Brent North Sea crude for May delivery was selling for $25.01 a barrel, up just one cent on the day. 

 

In New York, light sweet crude May futures gained 68 cents to $26.80 overnight on the back of official figures showing a bigger-than-expected fall in US gasoline stocks. "It's very, very quiet here in London," GNI trader Jim Chilcott said. 

 

The basket price of seven crudes worldwide used by the Organisation of Petroleum Exporting Countries to help set output rose to $22.76 on Wednesday from $22.68 on Tuesday, the OPECNA agency reported.—AFP. 

©--Agence France Presse 2001. 

 

© 2001 Mena Report (www.menareport.com)

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