|Monday, 19 April 2021|
The Hellenic Radio (ERA): News in English, 08-04-29
From: The Hellenic Radio (ERA) <www.ert.gr/>
 ReutersOil Prices Fall
29 Apr 2008 09:53:00
Oil eased towards $118 in Asia share market on Tuesday after hitting a record of $ 119,93 per barrel a day ago.
U.S. light crude for June delivery shed 25 cents to $118.50 a barrel by 0328 GMT. It closed 23 cents higher at $118.75 on Monday, after striking a record high of $119.93. London Brent crude fell 22 cents to $116.52.
"The issues in Nigeria and North Sea are significant but these outages tend to be overcome pretty quickly, so I think the market is taking profit from record prices," said Mark Pervan, a senior commodities analyst at the Australian & New Zealand Bank.
Pervan said investors could also be pulling out funds from the energy sector to invest in the U.S. dollar, which could get support from expectations the Federal Reserve would trim its funds rate by a slim 25 basis points to 2 percent
Nigerias crude oil output was cut by around half on Monday by striking workers at Exxon Mobil Corp and recent attacks by rebels on Royal Dutch Shell operations.