Oil spikes to USD 61.58 per barrel

New York's main futures contract for delivery in August,fell 44 cents to 61.58 dollars a barrel.

Oil prices slipped in Asian trade on Friday as investors took profits from a surge sparked by hopes of an early rebound in the recession-hit US economy.

New York’s main futures contract,light sweet crude for delivery in August,fell 44 cents to 61.58 dollars a barrel.

Brent North Sea crude for September delivery shed 71 cents to USD 63.30. The August contract expired on Thursday.

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Analysts said the markets remained fragile despite growing hopes of a US-led global economic recovery.

“Things are looking better,but the markets are still looking shaky,” said Ben Westmore,a minerals and energy economist with the National Australia Bank.

He said the oil market was taking “two steps forward,one step back” as traders are more prone to engage in profit-taking whenever prices shoot higher.

“When you get a price increase,there will be investors thinking that it will be a good time to sell off and that’s what’s happening,” he said.

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Other analysts noted that overall crude demand worldwide remained weak and supplies were plentiful.

“Oil demand still remains weak and a large amount of uncertainty still remains over the timing and rate of global economic recovery,” said oil analyst Nimit Khamar at the Sucden brokerage in London.

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