Go Finance Reporting in NEW YORK - Oil prices weakened after penetrating its highest level in two years because of concerns about the economic recovery of the United States (U.S.).
New York's main contract, light sweet crude for May delivery, closed below the psychological threshold of USD110 per barrel. While oil prices The West Texas Intermediate is at USD109, 92 in the futures market, fell $ 2, 87 from its closing level Friday.
Benchmark WTI has risen in early Asian trading as high as USD113, 46, in which a peak last seen in September 2008. In London, Brent North Sea crude oil for May delivery fell $ 2, 67 to USD123, 98 per barrel.
"If oil still rose to USD110-113 and so on, he has a chance is to thwart the comeback of U.S. economic recovery," said an analyst with Lind-Waldock, Rich Ilczyszyn as quoted by AFP.
He said oil markets take a breather for a while after strengthened significantly recently. Other commodities, like gold, which hit all-time high, were also lower on profit taking.
The market fell back from the high points as the dollar strengthened again against the euro, making the crude oil price in dollars become less attractive to investors. Despite price falls, investors remain worried about potential supply disruptions if the intensity of the unrest in the Middle East and North Africa. (GoFinance)
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