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Oil Prices Dip to Nearly $59 a Barrel

February 19, 2007

NEW YORK --- Oil prices today fell, in spite of new reports that three foreign oil workers had been kidnapped in Nigeria, Africa's largest crude producer.On Friday, oil futures rose more than $1 a barrel after the U.S. warned that Nigerian militants might be planning to expand their operations. According to the Associated Press, scores of foreign oil workers have been kidnapped in the Niger Delta region already this year.Late Sunday, three Croatian workers were kidnapped in Port Harcourt, authorities told the AP.Light, sweet crude oil for March delivery lost 44 cents to hit $58.98 a barrel on electronic trading on the New York Mercantile Exchange early today. Meanwhile, Iran's oil minister said Saturday that OPEC wouldn't trim its output ceiling at its March meeting in Vienna if crude oil prices continue their upward trend.
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