Unstable US financial market led to a retreat of oil prices from US $112 on today in Asian trading.
Light sweet crude for April delivery stood at $106.10 a barrel, down by almost six dollars from its all time high of $111.80 recorded yesterday.
The contract closed yesterday at $105.68 during floor trading at the New York Mercantile Exchange.
Brent North Sea crude of London for May delivery was 33 cents higher at $112 a barrel. This sharp retreat in oil prices goes to show that weakening of US financial market is likely to increase the pressure on the economy further affecting the demand for energy.
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