SINGAPORE: World oil prices eased on Friday but remained near record highs in Asian trade despite worries over slowing demand, analysts said.
In morning trade, New York's main oil contract, light sweet crude for delivery in May, dipped 49 cents to $109.62 per barrel.
During floor trading on Thursday at the New York Mercantile Exchange, the contract drifted 78 cents lower to close at $110.11.
Brent North Sea crude for May dipped 29 cents to $107.91 a barrel, pulling back further from a fresh intraday peak of $109.98 reached Thursday in London.
The New York contract struck an historic $112.21 in intraday trade on Wednesday.
Victor Shum, senior principal at Purvin and Gertz energy consultancy in Singapore, said prices retreated because the market was over-bought after a United States report showed falling energy stockpiles.
He said a slight rebound in the US dollar contributed to the pullback. "The declining oil demand has also resulted in some caution in the market," he said.
In morning trade, New York's main oil contract, light sweet crude for delivery in May, dipped 49 cents to $109.62 per barrel.
During floor trading on Thursday at the New York Mercantile Exchange, the contract drifted 78 cents lower to close at $110.11.
Brent North Sea crude for May dipped 29 cents to $107.91 a barrel, pulling back further from a fresh intraday peak of $109.98 reached Thursday in London.
The New York contract struck an historic $112.21 in intraday trade on Wednesday.
Victor Shum, senior principal at Purvin and Gertz energy consultancy in Singapore, said prices retreated because the market was over-bought after a United States report showed falling energy stockpiles.
He said a slight rebound in the US dollar contributed to the pullback. "The declining oil demand has also resulted in some caution in the market," he said.
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