Oil prices edge higher in Asian trade after sharp falls
AFP, Singapore
Oil prices edged higher in Asian trade Thursday following two days of sharp falls that had seen the market pull back from record highs, dealers said. At 11:20 am (0320 GMT) New York's main contract, light sweet crude for delivery in August, was at 57.44 dollars a barrel, up 18 cents from its close of 57.26 dollars in the United States on Wednesday. The contract fell 94 cents during New York trading and has slumped more than three dollars since hitting 60.95 dollars on Monday -- the highest level since the futures contracts were first traded in 1983. The rise had been driven by speculators seizing on global supply concerns and the weekend election win for ultra-conservatives in Organisation of Petroleum Exporting Countries (OPEC) heavyweight Iran.
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