Oil declined for the first time in four days in New York after Saudi Arabia, the worldÃ¢â‚¬â„¢s biggest exporter, said the global market has adequate crude supplies.
Futures slipped as much as 1.7 percent after Saudi ArabiaÃ¢â‚¬â„¢s Oil Minister Ali al-Naimi said yesterday the Ã¢â‚¬Å“market is oversupplied.Ã¢â‚¬Â Crude fell 2.8 percent last week on speculation price gains spurred by conflicts in the Middle East will curb economic expansion. The world economy is being hurt by Ã¢â‚¬Å“very highÃ¢â‚¬Â oil prices, said Nobuo Tanaka, the International Energy AgencyÃ¢â‚¬â„¢s executive director.
Ã¢â‚¬Å“The price recovery may have been delayed by al-NaimiÃ¢â‚¬â„¢s comments, but I think the general trend is for the market to move higher,Ã¢â‚¬Â said Christopher Bellew, senior broker at Bache Commodities Ltd. in London. Ã¢â‚¬Å“Investors are cautiously returning as it becomes apparent that Libyan crude may be unavailable for some time, and as unrest continues in other countries.Ã¢â‚¬Â
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