Oil prices slip, a little

Crude oil prices have been dropping in recent days in reaction to reports of higher inventories in the United States, the world’s largest consumer, but they have still not dipped below the $50-a-barrel mark that was crossed in February.

Moreover, long-term prospects point to sustained high prices due to growing demand from China. In New York, the price of West Texas Intermediate (WTI) light, sweet crude had fallen to $54.11 a barrel on Friday after reaching a record high of $58.28 on Monday. In London, the price of Brent North Sea crude – the European benchmark – dipped to $53.20 a barrel, down from $56.35 at the start of the week.