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ForexTV NewsDesk | February 27 2012 3:41 EST
ForexTV.com (New York) by Chikako Shitani
Crude prices fell on Monday to 108.61 -1.06%, after settling higher prices for eight straight days, as G20 worries about the effect of higher oil prices on global growth and a stronger U.S dollar helped counter ongoing concerns about tensions with Iran and potential supply disruptions. Retail gasoline prices continued to soar, adding five cents over the weekend for a national average of $3.70 per gallon.
The condition of oil supply is reflected in the price difference between the prices for immediate delivery and the contracts for longer delivery dates. Oil for April delivery fell 92 cents, or 0.8 percent, to $108.85 a barrel on the New York Mercantile.Crude oil for April traded at $123.85 a barrel on London’s ICE Futures Europe exchange. It reached the highest in almost nine months on Feb. 24.
The Group of 20 nation and their financial ministers said on Sunday they still were "alert to the risks of higher oil prices" and suspected length and its impacts that sanction of Iran will have on crude supplies and global growth. The G20 officials also added that they need an assurance from producer countries to provide stable oil supplies.
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