Oil down from record high but still on the boil

Oil down from record high but still on the boil
AFP
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First Published: Fri, Mar 14 2008. 08 48 AM IST
Updated: Fri, Mar 14 2008. 08 48 AM IST
Singapore: Oil simmered down on Friday after hitting a record $111.00 a barrel overnight, but analysts said prices remain on the boil due to a sharp fall in the value of the US dollar and supply concerns.
New York’s main oil futures contract, light sweet crude for delivery in April, was at $109.87 a barrel in Asian morning trade, down 46 cents from its all-time closing high of $110.33 per barrel in New York.
In earlier frenzied US trading, the contract had struck $111.00 for the first time.
Brent North Sea crude for April delivery had settled at $107.54 overnight after striking an all-time intraday high of $107.88.
“We are seeing only a marginal movement,” said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney, noting that prices remained high.
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First Published: Fri, Mar 14 2008. 08 48 AM IST
More Topics: Oil Prices | Crude | Energy | US dollar | Money Matters |