Oil falls for 4th day N. Korea, Iran worries ease

July 11, 2006 06:20


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Oil prices fell for a fourth day Tuesday as concerns about North Korea's missile tests and Iran's nuclear program eased. Crude oil futures spiked last week after North Korea fired several missiles into the ocean, hitting an intraday record of US$73.46 a barrel on Friday before falling back. Many traders said that surge was unwarranted. "The market was hyped up because of North Korea's missile tests, but of course that has nothing to do with oil supply and demand, so the market has now been correcting," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.

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