Oil prices creep upwards

26 March 2008

Oil prices have begun to creep upwards following recent drops that took values back towards the $100 (€64.32) a barrel mark.

The latest figures put oil values close to $102 a barrel.

However, this is ten dollars short of the record high values reached at the beginning of last week, when oil prices edged towards $112.

Victor Shum, an energy analyst with Purvin & Gertz in Singapore, stated that there are "mixed signals" surrounding the affect the US economy will have on oil prices.

"In the near term, pricing is likely to trade around the $100 level. The last few days have showed there's strong support around this level," he told the Associated Press.

Yesterday, it was suggested by commodity strategist with the Commonwealth Bank of Australia David Moore that further interest rate cutes in the US could spark the dollar into action, which would in turn be likely to dampen oil prices hikes.

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