Saudi says oil price will stabilise
LONDON — Oil fell below $43 a barrel yesterday, giving up earlier gains which were partly inspired by a weak US dollar and comments from Saudi Arabia that Opec supply cuts will succeed in stabilising the market. The January US crude oil futures contract expired on Friday after touching a low of $32.40, the lowest since February 2004, depressed by high levels of stocks at Cushing, Oklahoma, the delivery point for New York crude futures.

February, which has taken over from January as the prompt month, fell 23 cents to $42.13 a barrel by 1007 GMT, after climbing to as high as $43.44 earlier in the session. London Brent crude was 32 cents lower at $43.68 a barrel. Brent is showing around a $1.50 a barrel premium to US crude, in a reversal of the more common market structure — US crude at a premium to Brent.