World oil prices fell for the fourth straight session yesterday after OPEC's surprise decision to raise formal output quotas, while promising to cut excess supply.
The price of benchmark Brent North Sea crude oil for June delivery was up 27 cents per barrel from the previous closing price to $24.57 in late trading, after spending most of the day slightly in loss.
In New York, US crude futures traded at $26.10, down 54 cents on the day, and a 15 per cent fall this week that included a five-month low on Thursday. Benchmark Brent crude oil lost 11 cents to $24.22 a barrel.
Prices fell after the OPEC cartel's decision on Thursday to raise production quotas, cutting back less than expected on extra crude it pumped to stop prices from spiking during the war in Iraq.
OPEC presented the deal as a cut of two million barrels per day from real output levels, which had soared above official quotas in the first few months of the year.
Some analysts said OPEC's estimates of current production, and its figures for the promised cut, were confusing and did nothing to allay fears of a supply glut once Iraqi crude exports resume. - (Reuters)
