Asian markets were mostly lower. Hong Kong and Shanghai shares felled on U.S. economic concerns and a broader decline in Chinese markets.
Crude-oil futures broke above $99 a barrel in early trading yesterday, and energy analysts see little to reverse the trends that have sent crude on its record breaking spree.
The weakening U.S. dollar, the currency used to buy and sell oil globally, is helping reinforce the notion that oil prices could remain high. The dollar sank to a new low against the euro yesterday on pessimism about the American economy and speculation the U.S. will cut interest rates again. Combined with strong global energy demand, the market appears willing to bear prices that would have shocked many in months past.
The survey of energy analysts did say, however, that prices would simmer down at the end of 2008, as the world's richest economies begin to slowdown.
Market Indices
Australia All Ordinaries 6395.10 - 0.85%
Bombay Sensex 18526.32 - 0.40%
Hong Kong Hang Seng 26004.92 - 2.30%
Japan Nikkei 14888.77 - 0.34%
Shanghai Composite 4984.16 - 4.41%
Singapore STI 3312.88 - 1.03%
South Korea Composite 1799.02 - 0.44%
Taiwan Weighted 8499.37 + 0.18%
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