Worries on oil eased
China Daily | Updated: 2011-02-26 07:21
LONDON - Oil retreated from highs on Friday as a senior industry official said Saudi Arabia had increased output to make up for any shortages as a result of a disruption to oil supplies from Libya.
ICE Brent crude futures was up 75 cents at $112.10, retreating from $113.91 earlier in the day. It touched a two-and-half year high of $119.79 on Thursday.
Credit Agricole CIB global analyst Christophe Barret said the initial panic in the oil market was receding.
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