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Oil prices fall as hostage freed Oil prices fall on warmer weather
(about 10 hours later)
Oil prices have fallen amid news that a captured US oil worker in key oil nation Nigeria was released unharmed. Oil prices have fallen below $59 a barrel amid expectations of warmer weather in the United States.
The price of sweet light crude fell 30 cents to $59.09 in Asian electronic trade, after adding $1.40 on Friday spurred by the hostage-taking incident. US light, sweet crude dipped 73 cents to $58.66 in New York, while in London, Brent crude fell 57 cents to $58.33.
An announcement by oil producing group Opec that it would not reduce output again at its meeting in March also helped calm concerns over supplies. Analysts predict lower energy demand in the US Northeast, the world's biggest user of heating oil, as the weather gets milder and consumption ebbs.
Analysts have been speculating Opec may cut supplies in a bid to raise prices. Oil cartel Opec's statement that it would not cut output at its March meeting also eased fears over supplies.
Geopolitical factors Analysts had speculated that Opec may cut supplies in a bid to raise prices.
Any cuts would come on top of a planned drop in production announced by the oil cartel late last year. Any cuts would come on top of a planned drop in production announced late last year.
However, Iran's oil minister has said it was unlikely that further cuts over the 500,000 barrels a day that came into effect this month would ensue, if the current price trend continues. However, Iran's oil minister has said it was unlikely that further cuts over the 500,000 barrels a day that came into effect this month would ensue, if the current price trend continued.
Kazem Vazeri made the comments on the sidelines of an international refining forum in Tehran.Kazem Vazeri made the comments on the sidelines of an international refining forum in Tehran.
Oil ministers are set to meet in mid-March to decide Opec's output levels for the three months from April.Oil ministers are set to meet in mid-March to decide Opec's output levels for the three months from April.
Geopolitical issues could remain a concern - even as the latest western hostage in Nigeria was freed. Geopolitical issues could remain a concern as gunmen in Nigeria seized three eastern European oil workers on Sunday, the latest in a series of foreign kidnappings there.
Violence in Nigeria - the top producer in Africa - has meant output has been 20% lower output for the past year, and some analysts say it could be worse around election time in April. Violence in Nigeria - Africa's leading oil producer - has meant output has been 20% lower in the past year, and some analysts say it could get worse in the run-up to April's election.
Looking ahead, some analysts predict that warmer US weather could weaken prices further, especially for fuel distillates including heating oil.