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Oil Prices Starting to Slip Again

Middle East : 16 April 2010

Oil prices fell below $85 per barrel yesterday as the uncertainty over US crude demand was expressed again the dollar subsequently rose in value and this made it more costly for the emerging economies to purchase.

The dollar rose by 0.2% on Thursday but European market remained weak following the news of Asian equity losses. US crude due to be delivered in May fell to $84.57 per barrel which was a reduction of .94 cents and this was over $2 a barrel lower than the price it had reached during last weeks trading.

There was also an unprecedented rise in US jobless benefit claims and this once again caused uncertainty as many began to fear that the economic recovery cited earlier in the week may have been somewhat premature and perhaps the world’s largest energy producer was not out of the woods yet causing oil prices to slump again.

The London Brent crude oil due for May delivery reached an 18 month high on Thursday before starting to decrease again.

However the Chinese gave the Middle East traders more hope when they helped to maintain the prices of Brent crude which is the premier product of importance for Asia, Africa and Europe.

However analysts are predicting that Brent crude will soon reach $90 per barrel and that the faltering prices this week was merely a testing ground for more positive times ahead.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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