Crude prices remain above $48 in Asia
AFP, Singapore
Oil prices remained above the 48-dollar level in Asian trading Friday as markets braced themselves for cold northern hemisphere weather, dealers said. At 12:30 pm (0430 GMT), New York's main oil contract, light sweet crude for delivery in February was trading at 48.04 dollars per barrel, its closing level on Thursday, the highest price since November 30. Trading in Asian hours ranged Friday from 47.83 to 48.05 dollars. Dealers earlier predicted prices to drop to the mid-40s but forecasts of cold weather in the US and concerns over the upcoming elections in Iraq have instead spoiled these predictions.
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