Oil prices fall as Mexico firm resumes production

THE price of crudeoil yesterday fell froma record after Mexico’s state oil company said it would resume immediate production today from platforms that were shut because of gale force winds.

It had reached fresh peaks in the global oil markets on Monday with West Texas Intermediate (WTI) in the US hitting $93.80 and Brent crude in Europe reaching $90.49.

Crude oil for December delivery fell $1.56, or 1.7% cent, to $91.97 a barrel on the New York Mercantile Exchange.