U.S. crude edges down as OPEC mulls boost

U.S. crude oil futures prices edged lower and Brent prices fell on Tuesday after Kuwait's oil minister said OPEC was considering raising output in order to make up any supply disrupted by Libya's conflict.

While U.S. crude slipped, prices had bounced well above its early low
under $104 a barrel, while Brent crude remained more than $1 lower, as thespread between the two contracts continued to narrow.

Brent's premium to its U.S. counterpart CL-LCO1=R had fallen $1.19
cents to $8.56 at 8:33 a.m. EST (1333 GMT), having narrowed from a record above $17 hit last week, according to Reuters data.

Read Full Article from Reuters

- Posted: 2011-03-08 08:43:41

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