October 21, 2003	Tuesday	Sha'aban 24, 1424

LONDON, Oct 20: Oil prices slipped further on Monday after Kuwait’s energy minister said over the weekend that Opec could raise production to take some of the heat out of the market.

The price of benchmark Brent North Sea crude oil for December delivery fell 40 cents to $28.63 per barrel in late trade, having shed almost a dollar on Friday.

New York’s reference light sweet crude November contract dipped 24 cents to $30.44 per barrel in early deals.

“Prices have fallen ... after the Kuwaiti oil minister made comments over the weekend suggesting Opec might increase output if prices stay above $28 per barrel,” said broker Christopher Bellew of Prudential Bache.

Kuwait will contact fellow members of the Organization of Petroleum Exporting Countries (Opec) to tackle soaring oil prices, Oil Minister Sheikh Ahmad Fahad Al-Sabah said on Saturday.—AFP