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Oil prices fall in Friday trading Oil price down as Iraq fear eases
(about 2 hours later)
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.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 was down $1.48 to $106.10 a barrel by early afternoon in Europe. The price of benchmark US light sweet crude fell $1.93 to $105.65 a barrel by early afternoon in Europe while London Brent crude lost $1.22 to $103.78
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 dollar A slightly stronger dollar had also lessened demand, analysts said.
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.
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 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.
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 exchanges, one euro was worth as much as $1.5839, 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 $1.5904 earlier this month.The dollar hit a record low against the euro of $1.5904 earlier this month.