Friday, February 19, 2010
Oil tumbles in Asian trade
1:38 PM | 
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 SINGAPORE: Oil prices fell sharply to around 78 dollars a barrel in Asian trade Friday after the US Federal Reserve's decision to raise its interest rate on emergency loans to banks boosted the dollar. New York's main futures contract, light sweet crude for delivery in March, was down 1.03 dollars to 78.03 dollars a barrel. Brent North Sea crude for April delivery eased 96 cents to 76.82 dollars a barrel. Analysts said the Federal Reserve's move to raise the discount rate, or the primary credit rate, to 0.75 percent from 0.5 percent surprised markets in its timing. |
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