|
SYDNEY, AUSTRALIA - OIL fell more than US$1 (S$1.39) to less than US$101 barrel on Monday due to profit taking after Opec's chief said he expected steady oil prices for the rest of 2008.
The remarks added to growing worries that a recession in top consumer the United States would cut global energy demand.
US light crude for May delivery fell US$1.23 to US$100.61 a barrel in Globex electronic trading by 2335 GMT (7.35am Singapore time). It had settled down 70 US cents at US$101.84 a barrel on Friday, after falling as low as $98.65 earlier in the session.
Petroleum prices will range between US$80 and US$110 per barrel for the rest of 2008, Opec President Chakib Khelil said on Saturday. -- REUTERS
| 
