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Oil prices higher as US-led coalition faces fierce resistance
Singapore, March 25: Oil prices rose today as initial hopes for a swift victory for us-led forces in Iraq dissolved amid fierce resistance from Iraqi forces, dealers said.
Singapore, March 25: Oil prices rose today as initial hopes for a swift victory for us-led forces in Iraq dissolved amid fierce resistance from Iraqi forces, dealers said.
The benchmark New York light sweet crude contract for may delivery was trading at 28.95 dollars a barrel in after hours trading, up 29 cents from its close of $ 28.66 in New York yesterday.
Oil prices are likely to see-saw as the United States and its allies battle with Iraqi troops to gain control of key towns, analysts said.
"I think oil prices are going to be very volatile in the short term future because of good and bad news from the war," said a Singapore-based energy consultant.
"One can expect rapid ups and downs just like what we saw in the last few days," he said.
Oil prices are likely to see-saw as the United States and its allies battle with Iraqi troops to gain control of key towns, analysts said.
"I think oil prices are going to be very volatile in the short term future because of good and bad news from the war," said a Singapore-based energy consultant.
"One can expect rapid ups and downs just like what we saw in the last few days," he said.
"When war started, there was a lot of good news so the war premium vanished... But yesterday prices crept up a little as we hear of more resistance to coalition forces."
Bureau Report