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Oil prices ease, but remain high

AFTER geopolitical tensions in the Middle East and falling US crude and refined fuel inventories saw oil prices surge in recent weeks, prices declined this week as investors pondered whether problems in the high-risk US sub-prime lending market would see a drop in North American oil demand.

Steve Rotherham

Last week, New York’s WTI contract soared to an historic high of $US78.77. It fell from this height to $72.03 on Monday and fell again on Thursday to close at $71.62. In Singapore, the Tapis crude index,...

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