Oil prices in Asia slightly drop

By KUNA,

Kuala Lumpur : Oil prices in Asian transactions slightly dropped on Monday following recent drastic hikes amid a bleak picture on prospects of the global economy.


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Price of the light crude for May deliveries dropped 36 cents, reaching USD 109.78 per barrel, hours after electornic trading with the Mercantile oil bourse in New York.

Contracts at the end of Friday’s trading stood at USD 110.14 pb, after nearing the level of USD 112.1 at start of Wednesday’s operations, following a record slump in the crude reserves and fuel in the United States, according to official figures.

In London, the price of the Brent dropped 28 cents, reaching USD 108.47 pb, after closing at a record level at the end of the Friday operations, USD 108.75 pb.

The Internatioal Energy Agency has altered its forecast with regard of the international oil demand, setting it at 78.2 million barrels pd, with a drop of 310,000 pb set in last month’s predictions.

The latest setting of the oil prices was made in shadow of global concern at propsects of the international economy, with officials of major powers warning that the economic crisis has dragged on longer than expected.

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