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Oil prices remain steady over $40

04 March 2009 07:44 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil was little changed in New York after falling as the dollar strengthened, reducing the appeal of commodities as an investment on signs of the deepening global recession.
The dollar rose to the highest level in almost four months against the euro as demand increased for the currency as a refuge. Australiaâ€™s gross domestic product fell 0.5 percent from the third quarter after exports of commodities declined.
Crude oil for April delivery was at $41.45 a barrel, down 20 cents, in electronic trading on the New York Mercantile Exchange at 12:43 p.m. Singapore time. It earlier fell as much as 61 cents, or 1.5 percent, to $41.04 a barrel. Prices have fallen 58 percent from a year earlier.
Brent crude oil for April settlement fell as much as 60 cents, or 1.4 percent, to $43.10 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $43.36 a barrel at 11:12 a.m. Singapore time.

The Organization of Petroleum Exporting Countries cut output by 2.7 percent in February as producers tried to stem price declines, a Bloomberg News survey showed.

Production from the 12-member group averaged 27.775 million barrels a day last month, down 770,000 from January, according to the survey of oil companies, producers and analysts. Output in January was revised 20,000 barrels a day lower.

The survey showed the 11 OPEC members with output quotas, all except Iraq, produced 545,000 barrels a day above the target of 24.845 million barrels a day. The countries pumping the most over their targets were Iran, Angola and Libya.

U.S. oil supplies probably rose last week as imports climbed and refineries ramped up operating rates, a Bloomberg News survey showed.