Oil prices come down from two-year highs
Sentiment also weakened after the Organisation of the Petroleum Exporting Countries said it would likely suspend output quotas and pump at will should war halt Iraqi crude supplies. On London’s International Petroleum Exchange (IPE), benchmark Brent crude fell 40 cents to $31.98 a barrel. The US market is closed for Presidents’ Day.
Traders said the market was weakening following the steep gains of last week, but that oil traders still believed war on Iraq was likely despite deep divisions in the international community and mass popular protests over the weekend against a US-led attack.
