LONDON, Dec 4: Oil prices see-sawed on Thursday after Opec decided against a production cut despite worries about a decline in demand early next year as winter thaws in the northern hemisphere.

The price of Brent North Sea crude oil for January delivery dropped sharply here in the wake of the announcement, but later recovered to stand down one cent at $29.13 per barrel in late trading. New York’s reference light sweet crude January contract rose 18 cents to $31.28 per barrel in early deals.

Traders had been nervous about the possibility of the Opec tightening the taps again to try to ward off a slide in prices when demand for oil and heating fuel ebbs in the second quarter of 2004.—AFP