Oil prices dip
 13 May 2008
Oil prices have fallen back slightly from record highs last week to $123.33 (£63.20) per barrel at the end of trading on Monday, but remained steep amid continuing supply concerns.
New York light sweet crude for June delivery dropped below $124 a barrel in Monday trading, while London Brent crude for June dipped to $122.06 per barrel.
However, continuing uncertainty over supplies because of attacks against oil wells and pipelines in Nigeria and continued unrest in the Middle East are keeping oil prices high.
Oil prices in Asia hit a record $126.40 a barrel on Monday, but fell back on Tuesday below $124 a barrel following an earthquake in central China that is expected to affect demand in the short-term.
Victor Shum, energy analyst for Purvin & Gertz in Singapore, told the International Herald Tribune that the pullback in prices could be attributed to profit-taking by investors.
"The market was ready to take a breather and pocket some money ... after prices had gone up too far, too fast," he explained.
Rapidly growing demand from developing nations such as China and India is continuing to fuel oil prices, while the weak dollar is promoting investment in oil markets.
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