Oil tops $96

[Kristy]

Oil prices topped $96 as global supply concerns were stoked by persistent fears over problems in Nigeria and Venezuela, traders said, reported AFP. Those concerns more than offset a gloomy warning from US Federal Reserve chairman Ben Bernanke, who predicted a period of sluggish growth ahead for the energy-hungry US economy. Despite this week's bounce higher for prices, the International Energy Agency has forecast that the world oil market could be set for a lengthy slowdown after striking a record high $100.09 at the start of January. In Vienna the OPEC oil cartel lowered its projections for growth of oil demand this year in response to a slowdown in world economic momentum. The Organization of Petroleum Exporting Countries in its February report said demand would likely grow by 1.43 per cent this year rather than its previously estimated 1.52 per cent.

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