World oil prices dropped this evening on expectations of easing heating fuel demand as warmer temperatures reach parts of the US recently hit by a cold snap.
US crude fell 61 cents to $81.61 a barrel, having hit a 15-month peak of $83.95 on Monday. Brent crude was down 95 cents at $80.02.
Meanwhile, Kuwait's Oil Minister Sheikh Ahmad Abdullah al-Sabah said that at around $82, the price of crude oil was 'fantastic'. The minister said Kuwait does not want any change to production quotas when the OPEC cartel meets in March.
He also expected demand to pick up in the second quarter of 2010 as the global economy is likely to continue its recovery and as crude inventories decline.
