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Oil prices fall back from highs Oil prices fall back from highs
(about 5 hours later)
Global oil prices have fallen back from 11-month highs of $76 a barrel after US data showed a a bigger-than-expected rise in American petrol stocks. Global oil prices have fallen back from 11-month highs of $76 a barrel after US data showed a bigger-than-expected rise in American petrol stocks.
London's Brent crude - currently seen as the best indicator of global prices - was down 54 cents to $75.86 a barrel by afternoon trading in Europe. London's Brent crude - currently seen as the best indicator of global prices - ended Wednesday trading down 96 cents to $75.44 per barrel.
Meanwhile, the price of US light crude had lost 20 cents to $72.61. Meanwhile, the price of US light crude lost 25 cents to close at $72.56.
Oil prices rose last week over fears of violence in Nigeria hitting supplies from Africa's largest oil exporter.Oil prices rose last week over fears of violence in Nigeria hitting supplies from Africa's largest oil exporter.
'Insufficient refineries''Insufficient refineries'
With prices now falling back, the world's largest exporter, Saudi Arabia, said it was sticking to plans to cut production next month.With prices now falling back, the world's largest exporter, Saudi Arabia, said it was sticking to plans to cut production next month.
The Saudi Oil Minister Ali al-Naimi said there was a good balance between global supply and demand. The Saudi Oil Minister Ali al-Naomi said there was a good balance between global supply and demand.
Oil producers group Opec, of which Saudi is a key member, added that recent price pressures were not caused by a lack of crude supply, rather a global shortage of petrol refineries and violence in Nigeria. Oil producers group Optec, of which Saudi is a key member, added that recent price pressures were not caused by a lack of crude supply, rather a global shortage of petrol refineries and violence in Nigeria.
"Opec does not find any reason at the moment to increase its production of crude oil," said the group's president and United Arab Emirates Energy Minister Mohammed al-Hamli. "Optec does not find any reason at the moment to increase its production of crude oil," said the group's president and United Arab Emirates Energy Minister Mohammed al-Hamlin.
72.56 dollars per barrel. In London, Brent North Sea crude for August delivery dropped 96 cents to settle at 75.44 dollars per barrel.