Crude prices dip below $50
Singapore: Crude oil prices slipped below the crucial level of $50 per barrel in Asian trade today, immediately after the Group of Seven countries said that immediate action was needed to ensure that high oil did not interfere with global economic recovery.

"Higher oil prices are a headwind," finance officials from the Group of Seven said in a joint communique after their meeting in Washington DC over the weekend.

In Asia, crude for May delivery on the New York Mercantile Exchange fell 83 cents to $49.66 per barrel. Prices declined more than five percent last week, just days after hitting an all-time high of $58 on April 4.
Back to News Review index page