Light, sweet crude for April delivery stood at US$60.06 a barrel in electronic trading on the New York Mercantile Exchange midmorning in Singapore. Oil prices hovered around US$60 in Asian trading this morning amid concerns of a potential global economic slowdown indicated by recent slide in global stock markets. This potential slowdown could undermine energy demands.
Interestingly, current global demand for oil remains strong, amid forecasts for strong seasonal demand for gasoline in the upcoming peak summer driving season in the Northern Hemisphere. This stronger than what was expected at the beginning of this year, gasoline demand, should push prices up further. Rising tensions between Iran and the United States are also supporting oil prices, with Washington pushing for tougher U.N. sanctions on Tehran over its failure to comply with demands to halt its uranium enrichment program.
06-Mar-07 
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