Oil slips to USD 58.43 a barrel

Brent North Sea crude for June delivery shed 10 cents to USD 58.04.

Analysts said buoyant oil prices were a cause for concern as the fundamentals of the oil markets were still weak.

8220;Considering how far and fast oil has bounced back in the face of very poor fundamentals,some pullback is possible,8221; said Victor Shum,senior principal of international energy consultants Purvin and Gertz in Singapore.

However,Shum added that prices were likely to rise further in the week ahead as 8220;USD 60 looks like a magnet for investors in oil.8221;

Investors8217; hopes received a boost Friday after official data showed US labor market losses eased in April.

The markets were also reassured by the release of 8220;stress tests8221; on the US banking system,with major lenders seen as being able to cover capital shortfalls.

Oil prices in New York closed at USD 58.63 a barrel on Friday,capping a more than 10 per cent rise over the week and hitting an intra-day high of USD 58.69,a level unseen since mid-November.