Oil prices gain slightly in quiet Asian trade

by uusjio | November 22, 2007 at 10:25 pm
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Jason Feer, of energy market analysts Argus Media Ltd, said that with New York floor trading closed there was "thin volume, and no real news that would've drawn people in."

Crude oil prices have surged by about 64 percent since the start of 2007, supported by supply disruptions in key producers such as Nigeria, geopolitical jitters over the Iranian nuclear crisis, and strong demand from China and India.

Oil prices were also winning support from a troubled dollar, which has struck a series of record low points against the surging euro.

A weak greenback encourages demand for dollar-priced commodities because they become more attractive to investors using stronger currencies.

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