Oil Slips below $110

Oil slipped below $110 on Friday as investors took profits after prices hit a record $111 in the previous session, but the depressed dollar was seen limiting losses.
TradingEconomics.com, Reuters 3/14/2008 6:58:21 AM

U.S. crude for April delivery fell 47 cents to $109.86 a barrel by 7:50 a.m. EDT. It touched a record for the seventh time in a row in the previous session and is up nearly 8 percent this month and about 14.5 percent this year.

London Brent crude for April, which expires later in the day, dropped 28 cents to $107.26.

Despite Friday's profit-taking, oil prices should continue to rise provided financial investors pump more money into the crude market, he added.

Fundamentals in the middle distillates market -- heating oil, diesel and jet fuel -- remain strong on the back of low stocks and extensive refinery maintenance in Europe and in key suppliers to the region.

The gas oil crack, the premium of ICE gas oil futures to Brent, hit a new record high of $25.29 on Thursday in a sign of tight distillate supply situation, Wittner added.