OPEC Under Pressure

The EU is putting pressure on OPEC to increase crude oil production in order to bring prices down from $28 a barrel to around $20 a barrel.

European energy would be pleased with prices stabilized at $20 per barrel.

Europe need particular guarantees on oil supply from OPEC.

US crude oil gave up a dollar of its 'war premium' last night on traders' perception that US President George Bush's address to the United Nations General Assembly appeared to defer, for now, military action against Iraq.

Crude for October delivery on the New York Mercantile Exchange fell to $28.70 a barrel, down $1.07, on heavy selling led by speculative hedge funds that have driven prices up in recent weeks.

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