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Oil prices recede after surging close to $120

LONDON — Record-breaking oil prices fell on Wednesday after spiking near 120 dollars per barrel, as international concern mounted over soaring energy costs and the world's top producer appealed for calm, according to Agence France Presse.

Traders were also on tenterhooks ahead of the weekly US energy inventories report, which has the potential to push prices beyond the psychological barrier of 120 dollars.

New York's main oil futures contract, light sweet crude for delivery in June, shed 33 cents to 117.74 dollars a barrel. The May contract had struck a record high 119.90 before expiring Tuesday.

Posted by Peter C. T. Elsworth  at 12:29 PM to Crude oil market | Permalink

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