Connect to share and comment

Oil down in Asia on profit-taking

PlacardEnlarge
(Globalpost/GlobalPost)

Oil prices eased in Asia on Friday as traders cashed in on recent gains following signs of strengthening US energy demand and concerns over tensions in Syria, analysts said.

New York's main contract, light sweet crude for delivery in June dropped 21 cents to $93.43 a barrel and Brent North Sea crude for June delivery shed 38 cents to $103.03 in morning trade.

"There has been a slight pullback in prices on profit taking," Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.

"We've seen some very strong gains in oil over the past few days, with US stockpiles data and news on Syria."

Oil prices jumped Thursday after the United States said Syrian government forces had likely used chemical weapons, raising worries that Washington would punish Damascus militarily.

Earlier in the week, crude markets had also been supported by lower-than- expected gain in US crude stockpiles, suggesting oil demand in the world's top crude consumer was on the path to recovery.

str/ami

http://www.globalpost.com/dispatch/news/afp/130425/oil-down-asia-profit-taking