world oil prices

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.