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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.
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