The Azerbaijan State News Agency

ECONOMY

OIL PRICES SOMEWHAT EASED

12.08.2004 [16:52]
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Oil markets can always find a reason to be agitated – yesterday markets were jittery over several US oil companies’ shut-down of some of oil and gas producing units in the Gulf of Mexico on Tuesday because of pair of forecasted tropical storms approach.

Saudi Arabia's statement on its boosting daily output by 1.3 million barrels to ease market concerns affected on it either.

The Saudi comments sent crude prices sharply lower. After dropping as low as $43.30 per barrel, New York light crude for September delivery settled at $44.80, up 28 cents. London Brent crude futures closed at $41.57, up 29 cents on the IPE.

Saudi Oil Minister Ali Naimi says the kingdom is "prepared to meet all the requirements of the international oil companies if they need additional volumes, relying on the surplus production capacity of more than 1.3 million barrels daily, which could be used immediately