Business | Oil & Gas
US crude oil drops after record surge
Oil fell on Monday, but held close to record levels after the biggest one-day price gain in the history of the market left traders and analysts divided over the explanation.
- Reuters
- Published: 23:36 June 9, 2008
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London: Oil fell on Monday, but held close to record levels after the biggest one-day price gain in the history of the market left traders and analysts divided over the explanation.
US light, sweet crude for July delivery fell by $1.36 to $137.18 by 1447 GMT, while Brent futures dropped $1.47 to $136.22.
US prices surged by nearly $11 on Friday to a record above $139 a barrel, taking two-day day gains to more than $16 a barrel and reversing two weeks of losses.
Frantic buying was triggered by a range of factors, including a forecast by investment bank Morgan Stanley that oil prices could top $150 a barrel by the July 4 US holiday, as well as by a falling dollar.
Oil's six-year rally has gathered pace this year, with futures markets climbing by roughly 40 percent since January.
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