China’s benchmark Shanghai Composite Index plummeted 9% on last Tuesday, triggering huge losses on Wall Street and other global markets. Stock markets in Asia continued their slide Monday, with markets in Japan, the Philippines and India all down sharply. Oil prices have dipped this morning amid continuing declines in Asian markets and concerns about global economic outlook. Light, sweet crude for April delivery fell to US$60.86 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange.
Oil prices are supported by expectations for increase in US gasoline demand ahead of the peak spring and summer driving seasons. Problems at U.S. refineries have reduced output and cut into petroleum product supplies. Tensions between Iran and the United States also continue as Washington is pushing for tougher U.N. sanctions on Tehran over its failure to comply with demands to halt its uranium enrichment program that the West fears could be used to build a nuclear weapon. Although the United States has said it has no plans to strike Iran militarily, it has also refused to rule out any option.
05-Mar-07 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}