LONDON, 19 March 2005 — World oil prices rose slightly yesterday, a day after surging to fresh record high points nearing $58 in New York amid robust global demand.
New York’s main contract, light sweet crude for delivery in April, rose 15 cents to $56.55 in early dealing.
On the New York Mercantile Exchange, the April contract had surged to a record intra-day high point of $57.60 per barrel on Thursday.
In London, the price of Brent North Sea crude oil for delivery in May advanced eight cents to $55.14 on yesterday.
Brent crude had reached a record peak of $56.15 per barrel on Thursday - the first time it had broken the 56-dollar barrier.
Meanwhile, the dollar struck its highest level in the week against the euro yesterday as investors positioned themselves for another interest rate hike from the US Federal Reserve next week. The euro fell to 1.3212 dollars in late European trade from 1.3375 late on Thursday in New York. The dollar rose to 104.71 yen from 104.55 on Thursday.
Leading European stock markets closed higher yesterday, while the London FTSE 100 index ended the session flat with a gain of 0.02 percent to 4,933.3 points. In Frankfurt, the DAX rose 0.27 percent to 4,327.58, while in Paris the CAC 40 climbed 0.46 percent to 4,050.77.
The Dow Jones Industrial Average drifted down 8.87 points (0.08 percent) to 10,617.48 at 1650 GMT after failing to hold early gains.