Crude oil price bounces back
 04 Apr 2008
A flurry of oil sales on Thursday was bucked by a recovery of prices first thing on Friday morning on the Asian stock markets.
High oil prices have been relatively stable at above $100 (£50) a barrel as investors sought to put their money somewhere the effects of the credit crunch might not reach, Associated Press (AP) reports.
However, this week it became clear that gasoline demand in the US was falling despite inventories being more depleted than originally predicted.
In addition, Federal Reserve chairperson Ben Bernanke broached the looming prospect of a US recession.
"His comments prompted some investors to head back into oil on the view that his remarks indicated further interest rate cuts from the Fed - which would likely send the dollar plunging again," AP wrote.
This may not be helped by advanced reports the US labour department will announce a decline in national wages and jobs, according to Bloomberg.
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