Oil Steady In Asian Trade
Thursday, July 17, 2008 at 4:40 pm Under Business News 8 views
SINGAPORE: Oil was steady Thursday in Asia after plummeting more than US$10 a barrel in the previous two sessions as evidence mounted that record prices are slowing U.S. demand.
Higher U.S. oil supplies, along with evidence of quickening inflation and slowing economic activity in the world’s largest economy, have helped pull prices down from last Friday’s record above US$147 a barrel.
Midday in Singapore, light, sweet crude for August delivery was up 25 cents at US$134.85 a barrel in electronic trading on the New York Mercantile Exchange.
Crude fell US$4.14 in the previous session to settle at US$134.60a barrel, after earlier sinking as low as US$132. The drop followed a US$6.44 sell-off Tuesday, crude’s biggest since the Gulf War.
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