Monday, 18 April 2011

Brent oil dips below $123 on demand concerns

Brent crude oil fell $1 a barrel on Monday to below $123 after a cut in output from the world's top exporter Saudi Arabia raised concern that high prices were hurting demand. The kingdom reduced output by 800,000 barrels per day (bpd) to 8.292 million bpd in March from February, Saudi Oil Minister Ali al-Naimi said on Sunday, describing the market as "oversupplied."

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