Oil bubbles near $ 109
SINGAPORE: Oil prices were close to $ 109 dollars in Asian trade
yesterday, underpinned by the dollars dive to a new low against the euro
and supply concerns, dealers said.
In late morning trade, New York's main contract, light sweet crude
for April delivery, traded briefly at $ 108.90 a barrel, up 15 cents
from its record closing high of $ 108.75 on Tuesday.
At midnight (0400 GMT), the contract has eased to $ 108.64.
New York prices spiked to a new all-time high of $ 109.72 on Tuesday,
putting it to within touching distance of the $ 110 mark.
London's Brent North Sea crude for April delivery gained three cents
to $ 105.28 a barrel from its record close of 105.25. The contract
traded at a new high of 105.82 on Tuesday.
"The oil market is really soaring to unprecedented heights primarily
due to funds and the speculators putting money into oil and other
commodities," said Victor Shum, an analyst. AFP
|
