Oil prices steady above $100 mark

6 March 2008

Oil prices have steadied above the $100 a barrel mark following the record highs reached earlier this week.

Yesterday, oil prices rested at $100.19 (€65.29) per barrel after an increase of 67 cents.

Values had fallen by three dollars on Tuesday, after rocketing to a new record high level of $103.95 on Monday.

The Organisation of Petroleum Exporting Countries (Opec) is unlikely to alter its output in the near future, despite calls from several figures, including US president George Bush, for Opec to change its mind in light of oil price hikes.

Robert Laughlin of MF Global told Forbes: "I expect Opec members will ignore his call ...especially having seen yesterday's price action. The key will be a unified communique."

It was only last week that oil prices surpassed the $103 mark for the first time, with the weakening US dollar thought to be one of the main contributors behind the trend.

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