Oil prices down in Asia trade

Oil prices down in Asia trade
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First Published: Mon, Jul 14 2008. 08 51 AM IST
Updated: Mon, Jul 14 2008. 08 51 AM IST
AFP
Singapore: Oil prices fell by more than $1.50 in Asia on Monday after supply worries helped push prices to a record high last week.
New York’s main oil contract, light sweet crude for August delivery, fell $1.65 to $143.43 a barrel.
The contract hit an intra-day peak of 147.27 before closing at 145.08, up $3.43 on the New York Mercantile Exchange Friday.
Brent North Sea oil for August delivery fell $1.24 to 143.25. On Friday Brent jumped as high as 147.50, a new intra-day record, before settling up $2.46 at 144.49 in London.
Tensions between the West and Iran, along with unrest in Nigeria, have helped to support the high prices, according to dealers.
Oil prices have almost doubled over the past year and have soared since breaking through $100 at the start of the year. The record prices have sparked protests around the world amid fears for economic growth.
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First Published: Mon, Jul 14 2008. 08 51 AM IST
More Topics: Commodities | energy | oil | crude | Money Matters |