Oil prices continue lower in Asian trade
Afp, Singapore
Oil prices in Asian trade continued lower to test the key 60 dollar support level Tuesday as expectations of a build in US crude stockpiles this week depressed prices further, dealers said. At 11:13 am (0313 GMT) New York's main contract, light sweet crude for delivery in April, was down 42 cents to 60 dollars a barrel from its close of 60.42 dollars in the United States on Monday. Crude futures closed sharply lower in New York Monday, losing more than two dollars despite fresh unrest in Nigeria, Africa's largest crude producer. "The fundamentals are bearish (negative for prices) and I guess this is the only explanation for the sharp losses we saw (Monday)," said Dariusz Kowalczyk a Hong Kong-based senior investment strategist with CFC Seymour. Last week US crude inventories rose 4.8 million barrels in the week to March 10 to stand at 339.9 million -- the highest level since April 1999.
| 
