Oil down from record high but still on the boil
SINGAPORE (AFP) — Oil simmered down Friday after hitting a record 111.00 dollars a barrel overnight, but analysts said prices remain on the boil due to a sharp fall in the value of the US dollar and supply concerns.
New York's main oil futures contract, light sweet crude for delivery in April, was at 109.87 dollars a barrel in Asian morning trade, down 46 cents from its all-time closing high of 110.33 dollars per barrel in New York.
In earlier frenzied US trading, the contract had struck 111.00 dollars for the first time.
Brent North Sea crude for April delivery had settled at 107.54 dollars overnight after striking an all-time intraday high of 107.88 dollars.
"We are seeing only a marginal movement," said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney, noting that prices remained high.
