Oil prices remain above $101
 03 Mar 2008
Oil prices fell today (Monday) but still remained high, staying above the $101 (£50.87) per barrel mark.
In news which is likely to affect those with home heating oil, the price of oil slipped by more than a dollar, Reuters reports.
The cost per barrel held at $101.16 as the US economy falls further towards a recession.
An analyst at Citi bank, Tim Evans, told the news source that there is a general feeling that the oil cartel Organisation of Petroleum Exporting Countries is still unlikely to change its output.
"The high price level precludes a production cut that might otherwise be needed to limit a projected second (quarter) global supply/demand surplus," he said.
Last week, the price of oil hit a record high of $103.05 a barrel as the strength of the US dollar dissipated and demand from non Organisation for Economic Co-operation and Development increased.
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