Oil prices easier, stay above $48 in Asian trade
AFP, Singapore
Crude oil prices eased in Asian trade Tuesday but stayed above the 48-dollar mark on expectations of strong demand in the longer term, dealers said. At 12:13 pm (0413 GMT), the March contract for light sweet crude on the New York Mercantile Exchange was trading at 48.06 dollars per barrel, off a high of 48.24 and a low of 48.05. It was down 14 cents from its close of 48.20 dollars in New York on Monday. Oil prices had dipped to as low as 46.05 dollars on Monday in New York as the landmark elections in Iraq proceeded relatively smoothly and OPEC announced it would keep oil production steady in the face of increased cold weather demand during the northern winder. The 11-nation oil cartel, which supplies nearly a third of the world's oil, indicated, however, that high prices were here to stay and that it may cut output soon.
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