Oil prices settle

Oil Jitters Fade, as Does Its Price

WSJ,

2 March, 2012

Oil prices retreated as fears of a supply disruption in Saudi Arabia eased and broader markets pulled back.

Crude oil gave back ground following Thursday's after-hours rally, prompted by reports of an oil pipeline explosion in Saudi Arabia. Saudi officials later denied the reports on Thursday, and oil prices spent Friday in a steady slide.

"There's just a little bit of relaxation from the run-up yesterday," said Kyle Cooper, managing partner at IAF Energy Advisors in Houston. "Crude had gotten to be pretty extended."

Light, sweet crude for April delivery dropped $2.14, or 2%, to settle at $106.70 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange fell $2.55, or 2%, to $123.65.

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