Oil prices falling as supply outstrips demand

Oil prices fell by more than one US dollar a barrel today as OPEC’s president said supplies were growing faster than demand.

Oil prices falling as supply outstrips demand

Oil prices fell by more than one US dollar a barrel today as OPEC’s president said supplies were growing faster than demand.

“There’s no news to keep prices from falling,” said Ed Silliere, vice president of risk management at Energy Merchant in New York, noting that the market has even shrugged off recent pipeline sabotage in Iraq.

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