New York, March 1, IRNA - The price of a barrel of oil dipped at the end of trading in New York on Friday after setting another record earlier in the day.

Strong demand for oil and the continuing weakness of the dollar meant prices remained high.

A barrel of US light crude touched dlrs 103.05 during the day, but at the end of floor trading in New York, the price settled at dlrs 101.72.

London Brent crude was down 69 cents at dlrs 100.21 a barrel.

Demand for oil and other commodities is high among investors because of fears of a recession in the US.

Oil prices fell back from their peaks as Turkey withdrew troops from northern Iraq after the end of a campaign against Kurdish separatists.

Traders said this had slightly relieved geo-political tension, another reason why oil prices have been rising.

IRNA reporter in Madrid quoted Venezuelan President Hugo Chavez as saying that oil prices would continue to increase.

"Everything indicates that the oil price will continue to get stronger," Chavez said.
 

... Payvand News - 03/01/08 ... --