RealNews

Oil prices retreat in Asian trade but remain volatile on Iran, supply issues

Oil prices fell in Asian trade as the traders cashed in on gains from near-record peaks, but concerns over dwindling US gasoline stocks and Iran’s nuclear ambitions should keep the market volatile, dealers said. Benchmark crude futures prices pulled back below 69 dollars a barrel after nearly breaching the psychological 70-dollar mark this week. At 3:15 pm (0715 GMT), New York’s main contract, light sweet crude for delivery in May dropped 34 cents to 68.28 dollars a barrel from its close of 68.62 dollars in the United States on Wednesday. Full Story

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