Iran News ...


03/07/08

Weak dollar keeps oil near $106

PRESS_TV -- International oil prices have been near record highs as world remains concerned about supplies and the US dollar's slide continues.

Light sweet crude for April delivery increased 13 cents to $105.60 per barrel in the New York market Friday.

Oil hit an unprecedented peak of $105.97 per barrel in early Thursday trading in New York.

Experts blame the weakening dollar since crude futures offer a hedge against falling US currency.

"Prices remain strong as the US dollar fell to record lows," Victor Shum of the Singapore-based Purvin and Gertz energy consultants said.

"Traders now have this mantra: sell dollars and buy oil, or buy commodities," he maintained.

... Payvand News - 03/07/08 ... --



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