Oil falls to $122 on profit-taking

PTI Singapore | Updated on April 07, 2011

World oil prices fell in the Asian trade today as investors continued to lock in profits from recent gains and Libyan rebels exported the country’s first crude shipment from a region that they control.

New York’s main contract, light sweet crude for May, fell 39 cents to $108.44 per barrel after crossing $109 for the first time in two-and-a-half years in the US trade on Wednesday.

Brent North Sea crude for May delivery declined 51 cents to $121.79 after touching $123.37 a barrel in London intra-day trading the previous day.

“Oil prices are pulling back this morning primarily due to profit-taking,” said Mr Victor Shum, senior principal for Purvin and Gertz international energy consultants in Singapore.

He added that the disruption in Libya’s oil shipments appeared to be easing after rebels fighting veteran leader Muammar Gaddafi started exporting crude from an area that they control.

Published on April 07, 2011

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