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LONDON, April 7: Oil prices slumped to a near-five month nadir here on Monday after US troops entered the heart of Baghdad, but prices later recovered amid worries about possible output cuts by the Opec oil cartel.
Prices tumbled by over a dollar a barrel on world markets early in the day as the US-led forces’ rapid advances eased worries about the risk of a long war crippling Iraqi oil exports.
In late London trading, the price of reference Brent North Sea crude for May delivery was up four cents per barrel at $24.72.
The New York light sweet crude benchmark May contract showed a loss of 10 cents per barrel at $28.52 in early deals.—AFP
