TH:Oil slips but worries grow as Opec holds crucial meeting
The oil price eased slightly ahead of today's crunch meeting of the Opec cartel in Vienna as worries mounted over the impact of high energy costs on the world's biggest economies.
Brent crude dropped 74 cents to $116.04 but the crucial gathering comes amid a gloomy mix of rising inflation and slowing growth - and an admission from Federal Reserve chairman Ben Bernanke that US growth had been below hopes.
Crude oil is about $10 below the recent March highs sparked by Libya's civil war but debate is raging among Opec members with prices still well above $100 a barrel. Saudi Arabia is pushing for higher production to ward off recession in the teeth of opposition.
The row comes as BP's latest market review said global oil consumption jumped at its fastest since 2004 last year to 2.7 million barrels a day.
Saxo Bank commodities analyst Ole Hansen said: "The focus has begun to shift from tight supplies to the risk of demand destruction being triggered by a prolonged period of high prices. Opec has to tread a fine line between optimising their revenues without damaging the economic recovery."
