Oil prices slide back from record highs
 27 May 2008
Oil prices have slid back slightly from reaching record highs in recent weeks.
The weak US dollar and supply concerns are continuing to keep prices high and oil held steady at $133 (£67.40) a barrel during early Tuesday trading in Asia.
However, prices have eased slightly from highs of more than $135 per barrel, with Brent crude futures for July at $133 a barrel in London during slow bank holiday trading.
Reports that militants in Nigeria had attacked an oil pipeline also kept prices high and analysts are predicting an increase in demand from the US during the traditionally busy summer season.
US light crude is expected to be affected by a raft of financial reports out this week about the state of the country's economy.
Oil prices have soared by around 40 per cent since the start of this year and more than doubled compared with a year ago, as demand increases and concerns about supplies grow.
Prices look set to continue increasing, as oil producers' cartel Opec has stated that it has no intention of increasing production before its September meeting.
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