LONDON, March 4: World oil prices eased on Tuesday but held close to record highs on the eve of an Opec meeting at which the cartel is expected to shrug off consumer demands to pump more crude, analysts said.New York’s main contract, light sweet crude for delivery in April, dipped 19 cents to $102.26 per barrel.
The contract had Monday hit a record high $103.95 on the back of the weak dollar. Adjusted for inflation, that beat levels reached after the 1979 Iranian revolution.
Elsewhere on Tuesday, Brent North Sea crude for April delivery fell 37 cents to $100.11, after reaching an historic peak of $102.29 the previous day.
The United States and the International Energy Agency, an energy watchdog for consumer countries, both stressed on Tuesday the need for adequate supplies given the risks of high oil prices.
Algeria joins Iran and Venezuela in calling for a cut in output ahead of the second quarter when demand for heating fuel was expected to drop owing to warmer temperatures in energy-hungry Europe and the United States.
All three are traditional hawks in Opec, frequently favouring output cuts to support oil prices.
Analysts believe Opec will agree to maintain output on Wednesday amid soaring crude prices.—AFP
