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Oil prices slipped to near $71 a barrel Friday as the crude market took a breather from its recent daily gains. But the mood remained bullish as investors eyed signs that the global recession may be easing.

Benchmark crude for July delivery fell $1.60 to $71.08 a barrel by afternoon European time in electronic trading on the New York Mercantile Exchange. On Thursday, it rose $1.35 to settle at $72.68, the highest since October.

Reflecting expectations of continued global economic weakness, the Organization of the Petroleum Exporting Countries forecast Friday that demand for its crude this year would average 28.6 million barrels a day – 2.2 million barrels less than in 2008.

Still there are some signs of a turnaround.
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OIL prices climbed above US$69 (S$99.60) a barrel on Friday in Asia as the first drop in US unemployment claims in five months provided another sign that weak demand for crude could improve.

Benchmark crude oil for July delivery was up 62 cents at US$69.43 a barrel midday in Bangkok in electronic trading on the New York Mercantile Exchange (NYMEX). On Thursday the contract shot up US$2.69 to settle at US$68.81 after trading as high as US$69.60.

Oil prices have rallied for three months in tandem with global stock markets, and they soared this week to their highest levels since November, though the rally was briefly interrupted Wednesday by a jump in US crude inventories.
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NYMEX

Energy prices tumbled after the US Federal Reserve predicted that, even if the worst of the recession is over, the US economy will continue to shrink this year.

Benchmark crude for July delivery fell 99 cents to settle at $US61.05 a barrel on the New York Mercantile Exchange. Prices at one point had fallen to a within a cent of $US60.

In London, Brent crude fell 66 cents to settle at $US59.93 a barrel on the ICE Futures exchange.
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Oil prices have risen to their highest level in six months. US crude rose as high as $60.08 a barrel before falling back, while London Brent crude rose to $58.64.

The price of US crude is now up by about 80% from a January low of $32.70 a barrel, but is well below the record high above $147 hit in July last year.

Oil has risen in response to a global rebound in stocks.

Weakness in the dollar has also spurred the oil price, which tends to rise when the dollar falls. The dollar hit a four-month low against a basket of currencies on Tuesday.
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OIL prices fell for a second straight day on Tuesday on fears that the outbreak of swine flu would delay an economic recovery and further dampen energy demand.

Benchmark crude for June delivery slipped 22 cents to settle at US$49.92 (S$74.74) a barrel on the New York Mercantile Exchange. The contract Monday fell US$1.41 to settle at US$50.14.

Swine flu has killed more than 150 people in Mexico and number of countries reporting cases has spread to Europe, the Middle East and Asia. At least 60 cases have been identified in the US, but no deaths.

Fears of pandemics have slowed the global economy in the past and officials with the World Health Organization, while raising alert levels on Monday, warned against overreacting.
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