[Goldfisch]

Petrol prices ease despite cut fears
By John Synnott and agencies
March 21, 2004 - 2:16AM
The Sun-Herald

Petrol prices eased yesterday despite oil prices heading towards 13-year highs because of fears of a cut in OPEC supplies next week.

The price for standard unleaded fuel was 99.9 cents per litre at Pymble BP, 96.9 cents at Mosman BP, 94.9 cents at Engadine Caltex and 92.7 cents (down two cents for unleaded with ethanol) at Payless Sydenham.

An OPEC meeting will confirm the planned cutbacks, says Venezuela, which is having production problems, but Saudi Arabia has made no comment.

Oil futures rose 5.2 per cent last week and prices are 27 per cent higher than a year ago, when troops were preparing to invade Iraq.

US stocks fell 1.1 per cent yesterday, with the Dow down 0.5 per cent on the week and the Nasdaq off 2.2 per cent.

The Australian sharemarket tomorrow should fall by about five points, AMP's Shane Oliver said.

"Global markets are still in a correction mode; since the big falls last week it has been bouncing around," he said.

Quelle: Oil Prices