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| Version 1 | Version 2 |
|---|---|
| Oil prices fall back from highs | Oil prices fall back from highs |
| (about 15 hours later) | |
| 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. | 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 - ended Wednesday trading down 96 cents to $75.44 per barrel. | 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 lost 25 cents to close at $72.56. | 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-Naomi 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 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. | 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-Hamlin. | |