World oil prices slipped on Wednesday, but held close to 87 dollars as traders geared up for the weekly energy inventories report in the United States, analysts said. New York's main contract, light sweet crude for delivery in May, dropped 34 cents to 86.50 dollars a barrel. London's Brent North Sea crude for May fell 17 cents to 85.98 dollars per barrel. "The oil price is holding up well and has been defending its very high price level," said Commerzbank analyst Carsten Fritsch in a note to clients. "Specifically, New York crude oil continues to trade at around 87 dollars a barrel." Crude futures briefly hit a fresh 18-month high on Tuesday as the market found support from a recent batch of encouraging economic indicators in the United States, the world's largest energy consuming nation.
Source: http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/Business/07-Apr-2010/Oil-slips-remains-close-to-87-dollars
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