Oil Falls a Third Day on Signs Demand to Drop, Field May Start
Tuesday, June 17 2008 http://www.bloomberg.com/apps/news?pid=20601110&sid=aQQknawzHNi0 June 17 (Bloomberg) -- Crude oil fell for a third day on signs that slower economic growth will curb fuel consumption, production at an offshore Norwegian field may resume after a fire and Kuwait said prices are too high. Housing starts and industrial production in the U.S., consumer of almost 25 percent of the world's oil, dropped last month, government reports showed today. StatoilHydro ASA said its Oseberg field may resume operations this week after a fire on a platform halted production June 15. Prices above $100 a barrel are too high, the finance minister of Kuwait said today. ``I think it's high,'' Kuwaiti Finance Minister Mustafa Al- Shimali said in an interview in Isfahan, Iran, today. A reasonable oil price would be ``more or less $100,'' he said. Kuwait is the fourth-biggest oil producer in the Organization of Petroleum Exporting Countries.
