Oil prices retreat after peaking to record highs

09-Apr-08
Oil prices have dipped to US$108.50 in New York, after hovering around record highs. New Yorks' main oil contract, light sweet crude for delivery in May, dipped after hitting an intraday high of US$109.64 per barrel on Tuesday, as the market reacted to forecasts that Americans would cut back on driving in response to surging energy costs. Prices in New York neared the all-time high of 111.80 dollars on March 17. Fresh supply concerns have arisen after a fire at a 200,000 bpd refinery in Porvoo, Finland. Repairs on the diesel unit of the refinery could continue into the next month. On the demand side, the US Department of Energy expects American gasoline consumption for the season to decline for the first time in two decades.
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Windmoller and Holscher 5 layer cast film line