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Oil Price Approaches 111 US $

(Singapore, 17/3) – Oil price has reached 111 US $ in Asia market, on Monday, urged by US $ dilution to new lowest level over Euro.

On the early morning market, New York’s main contract, raw oil type “light sweet crude” for April delivery, being traded at 110,71 US $ per barrel, up to 50 cents from last Friday’s closing at 110,21 us $ in US market hour.

Oil price has reached new highest market level at 111 US $ last Thursday, due to rush action of the investor through many commodities, including oil, which they saw as “secure investment” in the middle of increasing worries over US economy and global credit crisis.

The dealer said oil price tended to increase after euro has reached new highest record all this time at 1,5808 points over US $ in Asia market, on Monday. Greenback declining had triggered world oil progression, hence raw oil being estimated in US $ and turned cheaper for buyers with strong currency, as told by AFP. (Ant/Nurseffi/Trans.Lala)

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