Oil steady near $51
Reuters, London
Oil steadied near $51 on Wednesday, after falling to a 20-month low the previous session as top exporter Saudi Arabia said there was no need to worry about the market's 16 percent slide so far this month.U.S. crude futures eased 11 cents at $51.10 a barrel by 1130 GMT, while London Brent rose six cents at $51.68. The market found support from investors' reluctance to bet that prices would fall below the psychologically key $50 mark. On Tuesday, NYMEX prices briefly touched $50.53, the lowest level since May 25, 2005, after Saudi Arabia said OPEC production cuts were working well and an emergency meeting of the producer group was unnecessary. "There is no need to worry because the market is in a very healthy condition," the kingdom's oil minister Ali al-Naimi told reporters on Wednesday.
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