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Oil prices down from record peaks

Oil prices down from record peaks
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First Published: Fri, May 23 2008. 01 22 PM IST
Updated: Fri, May 23 2008. 01 22 PM IST
PTI
Singapore: Oil prices cooled on 23 May after rocketing to all-time highs of more than $135 a barrel, as the greenback firmed and investors took profits from the record-setting rally.
In early morning trade Asian trade, New York’s main oil futures contract, light sweet crude for July delivery, rose 9 cents to $130.90 a barrel. The benchmark contract closed at $130.81 a barrel the previous day, down $2.36 from Wednesday’s record close at $133.17.
London’s Brent North Sea crude for July delivery settled at $130.51 a barrel on 22 May. It had dropped $2.19 at the close.
Both benchmark futures contracts earlier struck all-time highs on concerns about tight supplies — New York’s at $135.09 and Brent at $135.14.
“The oil price fell back from earlier highs last night influenced by profit-taking,” David Moore, a commodity strategist at the Commonwealth Bank of Australia, said in a report.
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First Published: Fri, May 23 2008. 01 22 PM IST