Commodities

Brent crude down at $114 on profit-taking

PTI Singapore | Updated on May 10, 2011 Published on May 10, 2011

Crude fell in the Asian trade today, as traders locked in profits from earlier gains.

New York’s main contract, light sweet crude for delivery in June, declined $1.46 to $101.09 a barrel. Brent North Sea crude for June delivery lost $1.41 to $114.49.

“Both Brent and WTI (West Texas Intermediate) are slightly weaker after a $6 and $7 rally overnight, which could have resulted in some profit-taking as traders take a breather before oil prices rise further,” said Mr Serene Lim, a Singapore-based oil and gas analyst in ANZ bank.

A Standard and Poor’s (S&P) downgrade of Greece’s credit rating on Monday also caused a dip in Brent crude prices.

Published on May 10, 2011
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