OPEC keeps output unchanged; oil prices ease below $68pb

02/01/06 - newratings.com

NEW YORK, February 1 (newratings.com) - Oil prices Tuesday fell below $68 per barrel after the Organization of Petroleum Exporting Countries (OPEC) unanimously agreed to keep output unchanged.

Geopolitical uncertainties triggered by Iran's nuclear ambitions and militant attacks on Nigeria’s oil facilities have been exerting upward pressure on oil prices. The OPEC decided to keep oil output unchanged at near a 25-year high at its meeting in Vienna on Tuesday. Light, sweet crude for March delivery fell 43¢ to close at $67.92 per barrel on the New York Mercantile Exchange (NYMEX) on Tuesday. London’s Brent crude dipped 60¢ to $65.99.