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Oil Slips After Soaring to Record Over $58 a Barrel, OPEC Mulls Output Hike
 Oil soared to a record over $58 a barrel yesterday, adding pressure on producer group OPEC to hike supplies, before profit-taking by speculators eased prices into negative territory. US crude on the New York Mercantile Exchange peaked at $58.28 a barrel — the highest front-month oil futures price on record — before ending the day down 26 cents to $57.01 a barrel. London's Brent crude slipped 28 cents to $56.23 a barrel.Prices have surged 5 percent since a forecast last week by Goldman Sachs bank that oil could eventually spike above $100 as global demand growth strains supply capacity. OPEC President Sheikh Ahmad Al-Fahd Al-Sabah said yesterday OPEC oil ministers had begun telephone consultations on possibly increasing production by a further 500,000 barrels per day to cool prices. "If there is a decision it should be in the next two weeks. For that, if there will be any new production, it should be in May," said Sheikh Ahmad, also Kuwait's energy minister. Posted by: Fred 2005-04-05 |
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