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Oil Spot Prices – 23rd February 2009

Current oil price lower this morning despite OPEC forecasting additional cuts.  Any decision is likely to be taken at OPEC’s next meeting in Vienna on 15th March.

NYMEX’s main oil futures contract, light sweet crude for delivery in April, fell six cents to $39.97 a barrel on its first day of trading.  Brent North Sea crude for April delivery lost four cents to $41.85.  Today’s lack of of significant economic news has contributed to this drift in prices, along with continuing weak global demand.