Crude mixed in Asian trade


Crude was mixed in Asian trade Thursday as traders assessed the impact of high prices on global economic growth, analysts said.

New York’s main contract, light sweet crude for delivery in May, rose 13 cents to $107.24 a barrel.

Brent North Sea crude for May delivery shed 10 cents to $122.78.

“Sentiments are not as bullish as before and crude oil could continue to dip slightly, looking for support at $105 per barrel,” said Ong Yi Ling, investment analyst for Phillip Futures in Singapore.

“There are also concerns that the high crude oil prices could see economic growth being stifled, and you see prices correcting rather sharply,” she said.

Crude prices fell by six percent on Monday and Tuesday before rebounding to current levels.

Concerns about tight supplies spurred by revolts in the Arab world had driven crude oil prices recently above two-year highs.

But a warning from Goldman Sachs on Tuesday that investors should take profits from the overinflated commodities markets sent oil prices tumbling.

Meanwhile, investors continued to monitor the situation in Libya and the Middle East.

In a bid to protect civilians from attacks by leader Moamer Kadhafi, US fighter jets were still carrying out bombing raids on Libya’s air defences, days after indicating American combat aircraft had withdrawn from NATO operations, the Pentagon said on Wednesday.

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