Oil prices slip below US$115 a barrel as dollar firms slightly

The Associated Press   |  Fri, 04/18/2008 8:13 PM

Oil prices slipped below US$115 a barrel Friday amid thin trading volumes as the U.S. dollar held its ground against the euro.

A host of supply and demand concerns in the U.S. and abroad, as well as the depreciating dollar, have pushed crude prices up more than 4 percent this week.

Light, sweet crude for May delivery was down 56 cents to US$114.30 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.

On Thursday, the May contract hit a trading record of US$115.54 as the dollar fell to a new low against the euro. Crude finished the floor session down 7 cents at US$114.86 a barrel after falling back when the dollar strengthened.

In London, Brent crude futures fell 76 cents to US$111.67 a barrel on the ICE Futures exchange.

Investors have been buying oil contracts as a hedge against the weakening dollar, betting that rising commodity prices will offset dollar declines. (***)

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