Oil prices slipped today as the US dollar strengthened and shares faltered, as OPEC said the market was well supplied and inventories should climb in the first half of the year. US crude fell 36 cents to $91.18, while Brent lost 50 cents to $97.88.
US markets were closed for the Martin Luther King holiday and traders said that was likely to help keep oil futures within fairly narrow ranges. Analysts said a stronger dollar - which makes commodities more expensive for holders of other currencies - had put pressure on commodities markets.
OPEC said today that the world oil market remained well supplied and inventories should build in the first half of the year, even though it raised its 2011 global oil demand growth forecast.
The Organisation of the Petroleum Exporting Countries increased its global oil demand growth forecast by 50,000 barrels per day (bpd) to 1.23 million bpd in 2011.
OPEC said in its monthly report the early onset of winter weather and an increase in investment flows into commodities were among the factors behind a recent surge in prices. The group maintained its view that consumers have enough oil.
