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June 10, 2008
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Tuesday
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Jamadi-us-Sani 05, 1429
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Oil weakens
LONDON, June 9: Oil futures slid on Monday as analysts warned of a “price bubble” that could burst soon after crude rocketed to record heights near $140 per barrel late last week.
Oil prices soared beyond $139 on Friday after a shock jump in US unemployment sent the dollar reeling and Wall Street plunging by more than three per cent amid fears of sharply slower economic growth.
New York’s main oil futures contract, light sweet crude for July delivery, gave back 99 cents to $137.55 a barrel on Monday.
The contract had spiked on Friday by $10.75 a barrel the biggest-ever one-day jump after soaring to an all-time high of $139.12.
On Monday, Brent North Sea crude for July delivery shed $1.88 to $135.81. Brent had hit a lifetime pinnacle of $138.12 and gained $10.15 in value on Friday.—AFP
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