Oil towards US$76

SINGAPORE – Oil slid towards US$76 yesterday, as traders waited to see if top exporter Saudi Arabia would continue to back steady Opec supply curbs.

US light crude fell 55 cents to US$76,15 a barrel by 0850 GMT, after climbing 40 cents on Friday. London Brent crude shed 66 cents to US$74,41 a barrel.Ahead of its meeting in Vienna today, most oil ministers in Opec, which supplies more than a third of the world’s oil, have stuck to the line that current output was sufficient to meet demand.But Saudi Oil Minister Ali al-Naimi has declined comment, after a report by Washington-based consultancy PFC Energy saying Saudi Arabian sources signalled Opec may need to consider an output boost of up to one million barrels per day.Nampa-ReutersLondon Brent crude shed 66 cents to US$74,41 a barrel.Ahead of its meeting in Vienna today, most oil ministers in Opec, which supplies more than a third of the world’s oil, have stuck to the line that current output was sufficient to meet demand.But Saudi Oil Minister Ali al-Naimi has declined comment, after a report by Washington-based consultancy PFC Energy saying Saudi Arabian sources signalled Opec may need to consider an output boost of up to one million barrels per day.Nampa-Reuters