World oil prices ease from 21-year highs

WORLD oil prices eased from 21-year highs yesterday as OPEC ministers conceded they had very little power to calm the market.

US light crude slipped 22 cents to $40.56 a barrel, little more than a dollar shy of a 21-year peak struck last Friday. London Brent crude futures lost 16 cents to $37.10.

“An unequivocal signal from OPEC could help calm the markets a bit, but there are all sorts of other issues influencing the price this time,” said John Waterlow, analyst at WoodMacKenzie in Edinburgh.