Olympics
May 15, 2008
Oil prices steady above $124 a barrel
Oil steadied above $124 a barrel Thursday in Asia after the U.S. government issued a mixed report on the country's petroleum reserves and prices fell back from their record levels.
'The overall sentiment in the market remains quite bullish ... and in the near term, the bullish sentiment could cause the market to challenge a new high, driven by news events,' said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
He warned, however, that 'the oil price rally over the last couple of weeks has been too much and too fast, so there continues to be room for further correction.' Read more
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