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Oil prices show no sign of recession
07
Apr '08
There has been a growing concern that since US is the largest consumer of energy, a slow growth rate of its economy is likely to indirectly lower the pace of demand for energy.

Global oil prices continued to rise touching US $107 in Asian trade today. Experts believe, weakening US dollar, tight energy supplies and declining US economy were the major reasons behind this upsurge.

Light sweet crude for May delivery rose 52 cents to $106.75 per barrel in the morning trade for main oil contract in New York.

Moreover, the benchmark contract rose by $2.40 to close at $106.23 barrels a day during the floor trading on Friday at New York Mercantile Exchange.

Brent North Sea crude for May soared by 25 cents to $105.15 a barrel after settling at $104.90 on Friday in London. The contract finally closed at $2.38.

Experts believe that weak US currency tends to encourage demand for crude transacted in dollars essentially because it becomes cheaper for foreign buyers.

Euro on the other hand traded at $1.5699 today morning, down from its initial $1.5736 in New York on Friday.


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