Singapore: Oil prices eased slightly from recent highs in Asian trade on Monday after international finance ministers warned that near-term global economic prospects have weakened.
In morning trade, New York’s main oil contract, light sweet crude for delivery in May, fell 36 cents to $109.78 per barrel.
The contract closed at 110.14 during floor trading on Friday at the New York Mercantile Exchange. It had rocketed to a record 112.21 during intraday trade on Wednesday.
London’s Brent North Sea crude for May dropped 28 cents to $108.47 a barrel, after closing at a record of 108.75 on Friday in London.
The International Energy Agency (IEA) also revised its estimate for global demand for oil down to 87.2 million barrels per day, a reduction of 310,000 barrels per day from the estimate last month.
The IEA acts as energy policy adviser to major industrialized nations.