Oil prices slump after marking all time high record
Source: fibre2fashion Date: 2008-03-17
Oil prices receded today after touching US $111 a barrel. Experts believe that the decline was partly because of the unstable market, that has characterized crude futures trading in recent weeks.
Light, sweet crude for April delivery dropped by 58 percent touching $109.75 a barrel on the New York Mercantile Exchange.
The contract surged on Thursday to an all-time trading high of $111 before settling at a record close of $110.33 a barrel, up 41 cents from the previous session. Analysts blame weakening dollar as the major reason behind ascent in oil.
Dollar dropped yet again going low against the euro on Thursday. Although retail sales fell in February, raising doubts that the economy is headed for a recession that would curtail demand for oil, analysts expect any oil price weakness to be short-lived.
