Oil Slips as Coalition Forces Progress

Oil prices declined yesterday as the US dollar strengthened and concerns about tensions in Libya eased as allied forces made more progress against Qaddafi's troops. The front-month contract for WTI crude oil prices slipped to a 4-day low of 102.1 before settling at 104.97, down -0.41%, while the equivalent Brent crude contract ended the day at 114.8, down -0.68%. Both contracts extended weakness in Asian session. Taking oil's cue, gold also plunged to 1410.1, the lowest level since March 18, before closing at 1419.9, down -0.44%. The rise in core PCE in February signaled inflation momentum in the US has been lifted.

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Oil Slips as Coalition Forces Progress