Friday, 4. June 2004
Topic: NEWS - on June 4, 2004 at 2:52:00 PM CEST
Oil prices edge lower
Oil prices edged further below $40 (£21.70) today after Opec's decision to boost output, but analysts remained sceptical about the effectiveness of the cartel's move.
The German economy minister, Wolfgang Clement, welcomed the drop in prices and said he hoped they would continue to fall to around $28 a barrel. Crude oil prices have risen by over 20% since the start of the year and are now well above Opec's stated price band of $22-$28.
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