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    Oil prices slip under 127 dollars

    AFP
    28.05.2008 - 14:49 | Son Güncelleme:

    Oil prices slipped back under $127 on Wednesday, falling further from record highs amid concern about the strength of U.S. energy demand while traders digested Indonesia’s exit from OPEC, the AFP reported

    New York’s main oil futures contract, light sweet crude for July delivery, lost $1.87 to $126.98, after shedding more than three dollars on Tuesday.

     

    Brent North Sea crude for July sank $1.46 to $126.85, after losing four dollars on Tuesday.   

     

    Both contracts had hit historic peaks last week, with Brent at $135.14 and New York at $135.09 on Thursday before sliding as many traders cashed in their gains. 

    "Oil prices have continued to fall following the release of poor (U.S.) economic data and fears that high fuel prices may curb demand," wrote analysts at energy consultancy John Hall Associates.

     

    "Poor economic data increases the chances of a recession, potentially curbing demand for oil related products."

     

    However, sky-high oil prices continue to spark international concern, despite recent losses and have prompted protests worldwide over soaring fuel and food costs.

     

    "The price of oil has now become the number one issue for politicians," said Petromatrix analyst Olivier Jakob.

    On Wednesday, Britain’s Prime Minister Gordon Brown warned that the world faced a "great oil shock" that could only be addressed by urgent action on a global scale.

     

    "The global economy is facing the third great oil shock of recent decades," Brown wrote in The Guardian newspaper. "It is now understood that a global shock on this scale requires global solutions."

     

    World oil prices have risen more than fourfold in the last five years, underpinned by growing demand in China and other emerging economies and tightening global energy supplies.

    The price of oil on international markets has surged by a third since the start of 2008 and traded at $50 per barrel 18 months ago -- and just $10 a decade ago.

    Prices are also being supported by unrest in oil-producing countries -- particularly Nigeria -- and OPEC’s reluctance to hike output.

    Indonesia said Wednesday that it would withdraw from the Organization of Petroleum Exporting Countries (OPEC) after years of declining exports.

    The only Southeast Asian member of the cartel has become a net oil importer and will not bother to renew its OPEC membership at the end of this year, Energy and Mineral Resources Minister Purnomo Yusgiantoro said.

    OPEC, which pumps 40 percent of the world’s oil, is reluctant to bend to US-led demands for it to pump more crude to help cool prices.
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