Friday, 2 March 2012

Brent slips to $126 as Saudi supply fears ease | Reuters

Brent crude futures slipped to $126 on Friday, coming off an 11-month high, as fears of a supply disruption from Saudi Arabia eased and the market focused on lower seasonal demand for oil in the coming months.

Oil prices had surged nearly 5 percent on Thursday after an Iranian report of a pipeline fire at top exporter Saudi Arabia sparked a buying frenzy. Prices later pared gains after CNBC cited a Saudi oil official as saying the report was untrue.

Front-month Brent slipped 20 cents to $126.00 a barrel by 0226 GMT, after settling up $3.54 at $126.20 in the previous session, its highest since April 8, 2011.

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