Oil prices edge higher in Asian trade
Wednesday, 5 March 2008
SINGAPORE, March 04, (AFP): Oil prices edged higher in Asian trade today as traders focussed on the weak US dollar and news that OPEC would keep output steady, dealers said.
In morning trade, New York's main contract, light sweet crude for delivery in April, gained 18 cents to 102.63 dollars a barrel from 102.45 dollars in New York yesterday.
The contract had dipped earlier on profit-taking but traders resumed focus on the weak US dollar and comments by OPEC officials that the cartel would not consider raising output when it meets Wednesday.
New York oil prices scaled a new peak of 103.95 dollars Monday as the dollar dived to a fresh low against the euro.
London's Brent North Sea crude for April delivery rose 22 cents to 100.70 dollars a barrel.
OPEC's president, Algerian Energy Minister Chakib Khelil, said the 13-member cartel would not consider an output hike at its official meeting in Vienna Wednesday.
It is a foregone conclusion that OPEC will not change production output, said Shum, who added that oil prices now "have little to do with market fundamentals."
The 13 members of the Organisation of the Petroleum Exporting Countries produce 40 per cent of the world's oil.
In morning trade, New York's main contract, light sweet crude for delivery in April, gained 18 cents to 102.63 dollars a barrel from 102.45 dollars in New York yesterday.
The contract had dipped earlier on profit-taking but traders resumed focus on the weak US dollar and comments by OPEC officials that the cartel would not consider raising output when it meets Wednesday.
New York oil prices scaled a new peak of 103.95 dollars Monday as the dollar dived to a fresh low against the euro.
London's Brent North Sea crude for April delivery rose 22 cents to 100.70 dollars a barrel.
OPEC's president, Algerian Energy Minister Chakib Khelil, said the 13-member cartel would not consider an output hike at its official meeting in Vienna Wednesday.
It is a foregone conclusion that OPEC will not change production output, said Shum, who added that oil prices now "have little to do with market fundamentals."
The 13 members of the Organisation of the Petroleum Exporting Countries produce 40 per cent of the world's oil.