Unstable US financial market led to a retreat of oil prices from US $112 on today in Asian trading.
Light sweet crude for April delivery stood at $106.10 a barrel, down by almost six dollars from its all time high of $111.80 recorded yesterday.
The contract closed yesterday at $105.68 during floor trading at the New York Mercantile Exchange.
Brent North Sea crude of London for May delivery was 33 cents higher at $112 a barrel. This sharp retreat in oil prices goes to show that weakening of US financial market is likely to increase the pressure on the economy further affecting the demand for energy.
marketing@alchempro.com
