Crude oil prices stable

LONDON – Oil prices stabilised yesterday amid fresh turmoil on global equity markets and ahead of the weekly update on energy stockpiles in the United States.

Traders also kept an eye on developments in Vienna, where ministers of the Opec oil cartel are gathering this week for a meeting on output. The price of Brent North Sea crude for April delivery eased four cents to US$60,86 per barrel in electronic trading.New York’s main oil futures contract, light sweet crude for delivery in April, gained ten cents to US$58,03 per barrel in electronic deals before the official opening of the US market.The New York contract had shed almost US$1oil on Tuesday, tracking losses on Wall Street that were sparked by news that the number of bad mortgage loans was rising in the United States, the world’s largest economy.The equities downturn spilled over into Asia and Europe, where share prices were sharply lower yesterday.However, the head of Libya’s Opec delegation said yesterday that the powerful cartel was not unduly concerned about tumbling stock markets, although he conceded that an economic slowdown would affect crude demand.Nampa-AFPThe price of Brent North Sea crude for April delivery eased four cents to US$60,86 per barrel in electronic trading.New York’s main oil futures contract, light sweet crude for delivery in April, gained ten cents to US$58,03 per barrel in electronic deals before the official opening of the US market.The New York contract had shed almost US$1oil on Tuesday, tracking losses on Wall Street that were sparked by news that the number of bad mortgage loans was rising in the United States, the world’s largest economy.The equities downturn spilled over into Asia and Europe, where share prices were sharply lower yesterday.However, the head of Libya’s Opec delegation said yesterday that the powerful cartel was not unduly concerned about tumbling stock markets, although he conceded that an economic slowdown would affect crude demand.Nampa-AFP