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Oil prices take breather in nervous market
Singapore, Mar 11: Oil prices took a breather in Asian trade today but prices remained volatile with a looming US-led war against Iraq, traders said.
Singapore, Mar 11: Oil prices took a breather in Asian trade today but prices remained volatile with a looming US-led war against Iraq, traders said.
The New York light, sweet crude traded at 37.24 dollars a
barrel in after hours trading, down three cents from the last
overnight done deal in New York. The prices moved between a
high of 37.30 dollars and a low of 37.16 dollars, and kept to
the overnight trend.
Singapore-based traders said the dip was a technical correction and pressure remained for prices to shoot up once military action begins.
Prices should rip through 40 US dollars a barrel after an attack, said an oil analysts with an international finance house in Singapore.
The organisation of the petroleum exporting countries, meeting in Vienna March 11-12, was not expected to supply additional crude, given that most of its major oil producers were already pumping at full capacity.
Iranian oil minister Bijan Namdar Zangeneh said in Tehran yesterday that it was not at all justifiable to increase OPEC production as there was no shortage of oil in the market and present prices were not at all indicative of the market situation.
Bureau Report
Singapore-based traders said the dip was a technical correction and pressure remained for prices to shoot up once military action begins.
Prices should rip through 40 US dollars a barrel after an attack, said an oil analysts with an international finance house in Singapore.
The organisation of the petroleum exporting countries, meeting in Vienna March 11-12, was not expected to supply additional crude, given that most of its major oil producers were already pumping at full capacity.
Iranian oil minister Bijan Namdar Zangeneh said in Tehran yesterday that it was not at all justifiable to increase OPEC production as there was no shortage of oil in the market and present prices were not at all indicative of the market situation.
Bureau Report