SINGAPORE : World oil prices remained lower in Asian trade Wednesday on account of swine flu fear that might slowdown global economic recovery..
Light sweet crude for delivery in June, shed $0.39 to $49.53 a barrel at 11.00 a.m Singapore time while Brent North Sea crude for June delivery was at $49.69 a barrel.
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There are worries that the swine flu outbreak, which was first detected in Mexico and has since spread to other countries, will hit the aviation sector thereby hurting energy demand.
Oil prices, which had fallen below $35 in December, have hovered around $50 in recent weeks. But the swine flu crisis that is spreading to countries around the globe has rattled market confidence.
Asian stocks dropped for a second day on Tuesday and Japanese shares hit a one-month low as investors fretted that the global economic outlook could darken further.
