Oil retreats after surge on Saudi supply scare

Oil prices fell 2 percent on Friday after Saudi Arabia eased investor concerns about a reported pipeline explosion that had pushed Brent to the highest level since 2008.

Both Brent and U.S. crude retreated and ended with weekly losses after Brent futures jumped above $128 a barrel to levels last seen in July 2008 in post-settlement trade on Thursday, reacting to an Iranian media report of a pipeline fire in Saudi Arabia.

The surge in prices Thursday was short-lived and Saudi Arabia said on Friday that there had been no attack in the kingdom.

"There were no acts of sabotage in the kingdom yesterday," Interior Ministry spokesman Mansour al-Turki told Reuters. He did not elaborate.

Read Full Article from Reuters

- Posted: 2012-03-02 14:34:34

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