Oil prices hover near record levels of US$110

11-Apr-08
World oil prices alleviated marginally, but continued to hover around record levels on mounting concerns about a weak US dollar and tight supplies. New York's main oil contract, light sweet crude for delivery in May, closed at US$110.11 per barrel a day after the contract had spiked to US$112.21 in intraday trade. In London, Brent North Sea crude for May settled at US$108.20 per barrel, after earlier striking a lifetime peak of US$109.98. Despite USA heading for recession, an upward revision in China's GDP for last year to nearly 12% is helping to keep the global demand outlook for oil fairly positive.
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