BrentNorthSeaOil.com

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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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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