Comments
Oil retreated in the Asian trade today as investors booked profits from last week’s rally, but prices remain on an upward trend due to political volatility in the Middle East and North Africa.
Analysts said any pullback would be “modest”, with investors still jittery over supply disruptions if the unrest sweeping the world’s oil-producing region escalates.
New York’s main contract light sweet crude for May delivery was down 36 cents at $112.43 in the morning Asian trade after soaring to its highest level in more than two years in the US trade on Friday. Brent North Sea crude for delivery in May was off 83 cents at $125.82.
“Oil really rallied late last week... and now we’re seeing some pullback,” said Mr Victor Shum, a Singapore-based analyst with international energy consultancy Purvin and Gertz.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.