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Intl oil prices depict a microscopic fall
12
May '08
Global oil prices relaxed a little but still clung to above US $125 today, as inflow of investment funds and shortage in supply helped thrust the costs to hit another record high.

Light sweet crude for June delivery marked 56 cents lower at $125.40 a barrel. Moreover, the benchmark contract closed on Friday at $125.96 after spiraling to record $126.25 in intraday trading at the New York Mercantile Exchange.

Brent North Sea crude for June settled 61 cents lower at $124.79 a barrel after hitting an all-time peak of $125.90 in London on Friday before falling down to $125.40 a barrel.

Since the time oil prices broke the $100 a barrel record in the beginning of this year, they have risen by nearly 25 percent.

Expert analysts gauge that weakening dollar coupled with high energy demand from Asian powerhouse economies like China and India have played a paramount role in keeping the oil market inflated.

Besides, upheaval and militant attacks targeting oil company infrastructure in Nigeria have also cut oil supplies, consequently hiking prices for the commodity.

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