Oil prices fell on Monday as Venezuelan exports recovered from a supply-choking strike and after Opec ministers warned of a glut in supplies...
Written by Press Trust Of India
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Oil prices fell on Monday as Venezuelan exports recovered from a supply-choking strike and after Opec ministers warned of a glut in supplies in the second quarter when winter demand ebbs. But the threat of a US-led war on Iraq kept crude above $30 a barrel.
“The strike is cracking. The question is how they can ramp up production,” said JP Morgan’s Paul Horsnell. Venezuelan oil output had risen to 1.8 million bpd.
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