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Oil prices higher in Asian morning

Monday, January 14, 2008

SINGAPORE (Thomson Financial) - World oil prices continued higher Tuesday amid tensions in key crude producing countries Iran and Nigeria, which offset concerns that US oil demand could decline.

Oil prices also won support from a weak US dollar, which encourages demand for dollar-priced commodities because they become cheaper for investors using stronger currencies.

In morning trade, New York's main oil futures contract, light sweet crude for delivery in February, gained 3 US cents at 94.23 dollars per barrel. The contract closed up 1.51 dollars at 94.20 on Monday.

London's Brent North Sea crude for February delivery settled up 1.85 dollars at 92.92 on Monday.

Aside from geopolitics, traders are worried that economic difficulties in the US, the world's biggest consumer, could dent global demand for crude.

Oil prices have eased since striking record highs above 100 dollars at the start of the year

Posted by MOHAMED SAID at 9:29 PM  

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