Oil prices fall below US$62 a barrel on weak crude demand
SINGAPORE (AP): Oil prices retreated below US$62 a barrel in Asian trading Monday following a sharp fall late last week on continued expectations of weak crude demand. Light, sweet crude for June delivery dropped 26 cents to US$61.67 a barrel in electronic trading on the New York Mercantile Exchange midmorning in Singapore.
"It looks like a continuation, a reaction here in Asia, of the very sharp dip on Friday in the U.S.,'' said Tobin Gorey, a commodity strategist with Commonwealth Bank of Australia in Sydney. "Its taken quite a sharp fall on the open of U.S. trade and quite a few people haven't quite caught up yet.''
On Friday, the contract dipped US$1.26 to settle at US$61.93 a barrel.
"With no signs of rise in crude demand any time soon, traders have closed longs,'' said Ken Hasegawa of Tokyo brokerage Himawari CX.
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