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World oil prices were lower in the Asian trade today as investors locked in profits from a recent surge, but protests in the Arab world remained a concern.
New York’s main contract, light sweet crude for delivery in May, known as the West Texas Intermediate (WTI), was down 23 cents at $108.24 per barrel. Brent North Sea crude for May delivery fell seven cents to $120.99.
“Oil prices pulled back... as the high prices prompted profit-taking from traders and investors,” said Mr Victor Shum, senior principal at Purvin and Gertz international energy consultants in Singapore.
Crude prices surged to two-and-a-half-year highs on Monday with Brent crude topping $120 a barrel for the first time since August 22, 2008 due to the continuing unrest in Libya and positive US economic data.
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