From all time highs of US$135 per barrel on May 22, crude oil prices have dipped sharply. Oil futures slipped in Asian trading as investors try to estimate whether oil prices have peaked even as worries abound that supplies are inadequate to meet growing global demand. On Monday, prices inched up on concerns about heating oil supplies and after an OPEC official rebuffing the need to pump more oil.
Oil futures inched up at the start of the week, commiserating with natural gas futures, which mounted as high temperatures in many parts of USA raised demand from utilities that use natural gas to generate electricity for home cooling.
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