Oil prices down from record peaks
Oil prices cooled on Friday after rocketing to all-time highs of more than $135 a barrel, as the US currency firmed and investors took profits from the record-setting rally.
By Agencies |
SINGAPORE: Oil prices cooled on Friday after rocketing to all-time highs of more than $135 a barrel, as the US currency firmed and investors took profits from the record-setting rally.
In early morning trade Asian trade, New York's main oil futures contract, light sweet crude for July delivery, rose nine cents to $130.90 per barrel.
The benchmark contract closed at $130.81 a barrel on Thursday, a drop of $2.36 from Wednesday's record close at $133.17.
London's Brent North Sea crude for July delivery settled at 130.51 dollars a barrel on Thursday. It had dropped $2.19 at the close.
Both benchmark futures contracts earlier struck all-time highs on concerns about tight supplies - New York's at $135.09 and Brent at $135.14.
"The oil price fell back from earlier highs last night influenced by profit-taking," David Moore, a commodity strategist at the Commonwealth Bank of Australia, said in a report.
In early morning trade Asian trade, New York's main oil futures contract, light sweet crude for July delivery, rose nine cents to $130.90 per barrel.
The benchmark contract closed at $130.81 a barrel on Thursday, a drop of $2.36 from Wednesday's record close at $133.17.
London's Brent North Sea crude for July delivery settled at 130.51 dollars a barrel on Thursday. It had dropped $2.19 at the close.
Both benchmark futures contracts earlier struck all-time highs on concerns about tight supplies - New York's at $135.09 and Brent at $135.14.
"The oil price fell back from earlier highs last night influenced by profit-taking," David Moore, a commodity strategist at the Commonwealth Bank of Australia, said in a report.
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