Oil trades at USD 143.43 per barrel

Agencies
Posted: Monday, Jul 14, 2008 at 0922 hrs IST
Updated: Monday, Jul 14, 2008 at 0922 hrs IST

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Singapore, July 14: : Oil prices fell by more than USD 1.50 in Asia on Monday after supply worries helped push prices to a record high last week.

New York's main oil contract, light sweet crude for August delivery, fell USD 1.65 to USD 143.43 a barrel.

The contract hit an intra-day peak of USD 147.27 before closing at USD 145.08, up USD 3.43 on the New York Mercantile Exchange Friday.

Brent North Sea oil for August delivery fell USD 1.24 to USD 143.25. On Friday Brent jumped as high as USD 147.50, a new intra-day record, before settling up USD 2.46 at USD 144.49 in London.

Tensions between the West and Iran, along with unrest in Nigeria, have helped to support the high prices, according to dealers.

Oil prices have almost doubled over the past year and have soared since breaking through USD 100 at the start of the year. The record prices have sparked protests around the world amid fears for economic growth.

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