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12 Feb 2007 P rices down after market strengthening
Oil prices have made some significant losses as the bad weather subsides and the Saudi Arabian oil minister expresses satisfaction with the market.
London Brent crude dropped 52 cents to $58.49 (£29.99) per barrel while US crude shed 54 cents to $59.35.
While the recent snowy weather has cleared up, the Met Office has warned that cold snaps and further snowfall is likely to occur throughout the remainder of the month and into early March.
In addition, oil prices have been affected by the announcement from oil minister Ali al-Naimi that the market has been much healthier recently, hinting that the Organization of Petroleum Exporting Countries may not need to make changes to oil output.
"Most probably, if the trend is like what it is like today, with the market getting in much, much better health and balance, there may not be any reason to change," he is quoted as saying in the Wall Street Journal.
Meanwhile, investors are speculating as to whether cuts will be announced by the cartel when it meets in March, Reuters reports.
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