Oil prices are falling on Monday morning, eroding Friday afternoon's gains, following a statement by Saudi Arabian oil minister Ali al-Naimi on Sunday saying that the oil market was oversupplied.
The front month contract for Brent North Sea oil was last seen USD 0.55 softer at USD 122.90/bbl.
Demand destruction amid continued high crude prices remained a concern, players said, while several noting the market is currently reacting to news rather than fundamentals as the market is well supplied as other countries have met the drop in Libyan output.
Due to the conti
Montag, 18.04.2011, 08:41 Uhr
Andreas Kögler
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