Oil prices in Asian markets back down due to weak US dollar, growing concerns

By KUNA,

Kuala Lumpur : Oil prices in Asian trading in Singapore dropped on Monday after hitting high record at the end of last week due to high tension among dealers and unstable market conditions over low demand and weakness of the US dollar.


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Prices of the Friday crude oil operations hit highest record ever in a single day. The prices jumped by USD 11, with a rise of eight percent, soaring to USD 138.54 pb.

This increase complements with Thursday’s operations when the oil prices went up by USD 5.50 pb, hiking by 13 percent in two days only to register a new high record in New York Mercantile Bourse.

Price of the light crude for July shed 79 cents, reaching USD 137.75 pb. This came hours after electronic dealings with the New York Mercantile Bourse, while contracts increased to USD 139.12 pb.

Heating fuel prices also dropped USD 1.07 cents to settle at USD 3.9570 per gallon (3.8) liters, while the gasoline also dropped USD 2.07 cents to reach USD 3.5210 pg.

Meanwhile, Natural gas increased USD 6.03 cents to hit USD 12.756 for 1,000 cubic feet (cf).

Growing jitters have captured the market atmosphere over a possible military confrontation between Israel and Iran, the second largest oil exporter in the Organization of Petroleum Exporting Countries (OPEC).

Such a possible dramatic event is widely feared will result in paralyzing or badly disrupting crude supplies from the Gulf region to the international market.

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