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Oil prices dip

SINGAPORE JAN. 17. Oil prices retreated on Friday after a report that Baghdad was seeking guarantees to allow President Saddam Hussein to go into exile, lessening the threat of a U.S.-led war in the oil-exporting nation.

North Sea benchmark Brent crude fell 47 cents to $30.11 a barrel, while the U.S. light crude lost 25 cents to $33.41 a barrel. 0Oil rallied to the highest levels since December 2000 on Thursday after the head of the U.N. weapons inspections team warned that Baghdad needed to submit credible evidence that it did not have weapons of mass destruction or would face war.

Saddam Hussein remained defiant on Friday, saying Iraq had mobilised its forces to defeat U.S. troops at the gates of Baghdad if they invaded the country.

Top U.N. inspectors are expected to press Baghdad for more cooperation during their visit.

Oil traders fear any attack on Iraq may disrupt crude supplies from the Middle East at a time when Venezuelan oil sales remain severely reduced due to an opposition-led strike against President Hugo Chavez.

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• HC notices to BCCI, RBI
• We are fully mobilised: Saddam
• Oil prices dip
• Shinde to be sworn in CM today
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