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Intl stock market weakens as oil prices grow firm
13
Mar '08
Crude oil recorded US $110.20 a barrel in New York, as weakening dollar and stocks prompted investors to buy commodities.

Prices of oil, gold and other precious metals rose as dollar plunged to touch $1.5573 per euro. Besides, crude oil for April delivery fell by 15 cents to reach $109.77 a barrel on the New York Mercantile Exchange.

Yesterday, futures rose $1.17, or 1.1 percent, to settle at $109.92 a barrel.

Moreover, supplies of distillate fuels, that include heating oil and diesel, fell $1.23 million barrels to $116.4 million barrels last week.

Even Brent crude for April settlement traded 28 cents lower at $105.99 a barrel on London's ICE Futures Europe exchange in Singapore. It rose to $1.02, or one percent, to close at a record $106.27 a barrel yesterday after reaching an intraday all-time high of $106.41 a barrel.


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