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Oil prices receded on Friday as dealers took profits from a record rally over US$90 a barrel that was spurred by (northern) winter supply worries and the weakening greenback.
US crude dropped US$1.37 to US$88.10 a barrel, from the all-time high of US$90.07 hit earlier in the day.
Prices rallied more than 11 per cent over the past nine days as the US dollar slipped to record lows against other currencies, fuelling concerns about their effects on the economy of the United States.
Said David Moore, commodity strategist from the Commonwealth Bank of Australia, "the dollar weakened further, spurring some investment into oil as a hedge against dollar weakness."
