Monday, June 9, 2008
Oil prices take breather amid recession fears
World oil took a breather on Monday from spiralling prices seen
hitting USD 150 which have prompted consumer nations to urge a
production increase amid warnings of a global recession.
New York's main oil futures contract, light sweet crude for July
delivery, eased USD 1.06 to USD 137.48 a barrel after making its
biggest one-day jump ever on Friday.
The contract jumped USD 10.75 a barrel to close at a record USD
138.54.
Also on Friday in intraday trade the benchmark contract crossed USD
137, USD 138 and USD 139 for the first time and soared to an all-time
high of USD 139.12.
Brent North Sea crude for July dropped USD 1.30 to USD 136.39 a barrel
after smashing barriers Friday in London.
Brent hit a new intraday high of USD 138.12 a barrel before it eased
back to settle at a record USD 137.69, up USD 10.15.
Both futures contracts far exceeded their prior record highs set on
22nd May -- USD 135.09 in New York and USD 135.14 in London.
Crude oil leapt in reaction to a new decline in the US dollar after
the European Central Bank on Thursday signalled an interest rate hike
and the US reported a sharp rise in unemployment on Friday, analysts
said.
Compounding the dollar squeeze were reported remarks about Iran's
nuclear programme by Israeli Deputy Prime Minister Shaul Mofaz.
Analysts said the comments fanned fears of a Middle East conflict.
Iran's representative to the OPEC oil cartel on Sunday warned the
price of crude oil is set to rise even further to USD 150 a barrel by
the end of summer.
Eleven nations that guzzle nearly two-thirds of the world's energy
called on Sunday for an urgent hike in global oil production.
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