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Oil prises remain over $52

03 April 2009 07:51 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil fell, paring yesterdayâ€™s 8.8 percent rally, after the head of the International Energy Agency said the group is likely to cut its energy demand forecast on declining economic growth projections.
Crude oil for May delivery fell as much as 58 cents, or 1.1 percent, to $52.06 a barrel on the New York Mercantile Exchange and traded at $52.12. Oil rose $4.25 to settle at $52.64 a barrel yesterday, the biggest increase since March 12, as leaders of the Group of 20 nations met and announced plans to combat the global recession.
Brent crude oil for May settlement rose $4.31, or 8.9 percent, to end the session at $52.75 a barrel on Londonâ€™s ICE Futures Europe exchange.
Goldman Sachs Group Inc. said Brent crude oil prices may reach $50 a barrel this year, up from an earlier estimate of $45, because of OPEC production cuts.