Oil prices dip to hover around US$51

US light, sweet crude prices that surged by 7% on Thursday, saw a marginal dip the subsequent day, to end the week at US$51. The dip was triggered by yo-yoing stock markets and expiry of April contract. Oil prices that rose on Thursday after the Fed announced its plan to buy long-term government debt and the dollar tumbled in value, have dipped as US stocks were hardly altered on the subsequent day after the lukewarm debut of a Federal Reserve measure to revive lending. The International Monetary Fund forecast that the world economy will contract in 2009 for the first time since World War Two by between 0.5-1%. US crude inventories have enlarged as energy demand continues to be weak. In fact, few analysts cautioned that it may be difficult for oil prices to sustain the recent rally.
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