Oil prices up in Asia
Thursday, 6 March 2008
SINGAPORE, March 05 (AFP): Oil prices moved higher in Asian trade today with OPEC expected to stick to its production levels despite pressure from US President George W. Bush to pump more crude, dealers said.
In early morning trade, New York's main contract, light sweet crude for April delivery, rose 22 cents to 99.74 US dollars a barrel from 99.52 dollars in late US trades yesterday .
London's Brent North Sea crude for April delivery added 28 cents to 97.80 dollars.
Bush signaled he would be tracking OPEC's decision-making as fears mount that the US economy could be on the cusp of a recession.
Demand for heating fuel was set to dampen during the second quarter as warmer temperatures hit Europe and the United States.
OPEC's official daily output quota is currently set at 29.67 million barrels.
The price of oil has doubled since the start of 2007 -- a major reason being soaring demand for energy from emerging economic powers China and India.
Another factor has been unrest in oil-producing countries, notably Iran and Nigeria.
New York oil prices struck a record high of 103.95 dollars Monday on the back of the weak dollar. Adjusted for inflation, that beat record levels reached after the 1979 Iranian revolution.
In early morning trade, New York's main contract, light sweet crude for April delivery, rose 22 cents to 99.74 US dollars a barrel from 99.52 dollars in late US trades yesterday .
London's Brent North Sea crude for April delivery added 28 cents to 97.80 dollars.
Bush signaled he would be tracking OPEC's decision-making as fears mount that the US economy could be on the cusp of a recession.
Demand for heating fuel was set to dampen during the second quarter as warmer temperatures hit Europe and the United States.
OPEC's official daily output quota is currently set at 29.67 million barrels.
The price of oil has doubled since the start of 2007 -- a major reason being soaring demand for energy from emerging economic powers China and India.
Another factor has been unrest in oil-producing countries, notably Iran and Nigeria.
New York oil prices struck a record high of 103.95 dollars Monday on the back of the weak dollar. Adjusted for inflation, that beat record levels reached after the 1979 Iranian revolution.