LONDON: World oil prices slid to
new multi-month lows on
Friday as the market was
rattled once again by concern
about the outlook for demand
linked to the eurozone debt
crisis, analysts said. Brent
North Sea crude for delivery in
July struck $106.40 per barrel,
which was the lowest point
since December 21. The
contract later stood at $106.97,
down by 52 cents compared
with Thursday’s closing level.
New York’s main contract, West
Texas Intermediate (WTI) crude
for delivery in June sank to
$91.60 a barrel, hitting the
lowest level since November 3.
It later stood at $92.55, down
by one cent. “Amid the sea of
red seen in European credit
and equity markets, crude oil is
maintaining a modicum of
relative respect, with Brent and
WTI only in modest negative
territory,” said Sucden analyst
Jack Pollard.
Japan ups growth view
TOKYO: Japan on Friday
upgraded its view of the
economy for the first time in
nine months, a day after
better-than-expected growth
figures and thanks to a pickup
in exports and consumer
spending. But the Cabinet
Office’s monthly economic
report also warned that
increasing uncertainty over
Europe’s financial picture, a
strong yen and rising oil prices
may hamper a recovery for the
world’s third-largest economy.
Tokyo on Thursday released
data showing GDP grew by a
better-than-expected one per
cent in the three months to
March, offering a glimmer of
hope after the global
downturn and last year’s
quake-tsunami disasters.
