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Oil prices fall in Friday trading Oil prices fall in Friday trading
(about 3 hours later)
Global oil prices have fallen in Friday trading in East Asia on the news that an attack on an Iraqi export pipeline was not as serious as earlier thought. Global oil prices have fallen slightly in Friday trading on the news that an attack on an Iraqi export pipeline was not as serious as earlier thought.
The price of benchmark US light crude fell by $1.08 to $106.50 a barrel after having climbed to as high as $108.22 a barrel on Thursday in New York. The price of benchmark US light crude was down $1.48 to $106.10 a barrel by early afternoon in Europe.
Meanwhile, London's Brent crude was down 79 cents to $104.21 a barrel. Meanwhile, London's Brent crude had lost $1 to trade at $104.
"The [Iraqi] problem is not as serious as we thought," said oil analyst David Johnson of Macquarie Research."The [Iraqi] problem is not as serious as we thought," said oil analyst David Johnson of Macquarie Research.
Weak dollarWeak dollar
The attack on the pipeline in Basra came as Iraqi government forces continued their assault on militias in the city and surrounding areas.The attack on the pipeline in Basra came as Iraqi government forces continued their assault on militias in the city and surrounding areas.
Earlier this month US light crude hit a record high of $109.72 a barrel, driven by the continuing weak dollar.Earlier this month US light crude hit a record high of $109.72 a barrel, driven by the continuing weak dollar.
A weaker dollar generally increases the price of commodities such as oil and gold, as investors see them as a haven for their funds.A weaker dollar generally increases the price of commodities such as oil and gold, as investors see them as a haven for their funds.
Continuing strong global demand for oil is also another factor keeping oil prices high.Continuing strong global demand for oil is also another factor keeping oil prices high.
Banking worriesBanking worries
The dollar fell again in Friday trading, hit by continuing speculation of more trouble in the US banking sector, and the likelihood of additional interest rate cuts from the US Federal Reserve.The dollar fell again in Friday trading, hit by continuing speculation of more trouble in the US banking sector, and the likelihood of additional interest rate cuts from the US Federal Reserve.
The latest banking speculation surrounds Lehman Brothers, which insisted reports that it may follow the near collapse of Bear Stearns were "totally unfounded".The latest banking speculation surrounds Lehman Brothers, which insisted reports that it may follow the near collapse of Bear Stearns were "totally unfounded".
In early exchanges, one euro was worth $1.5789, up from $1.5770 on Thursday. In exchanges, one euro was worth as much as $1.5839, up from $1.5770 on Thursday.
The dollar hit a record low against the euro of $1.5905 earlier this month. The dollar hit a record low against the euro of $1.5904 earlier this month.