Oil prices ease in Asian trade
Oil prices fell in Asian trade Tuesday on profit-taking after sharp recent gains sessions but expectations of continued strong demand will limit any slide, dealers said.
By Agencies |
SINGAPORE: Oil prices fell in Asian trade Tuesday on profit-taking after sharp recent gains sessions but expectations of continued strong demand will limit any slide, dealers said.
They said the market is now waiting for the release later Wednesday of the weekly US energy supply report.
At 11:00 am (0300 GMT), New York's main contract, light sweet crude for Septmeber delivery was down 15 cents to 76.68 dollars a barrel from 76.83 dollars in late US trades Monday.
Brent North Sea crude for September delivery fell 16 cents to 75.58 dollars.
Oil prices rose close to record levels last week as data showed the US economy expanded a stronger-than-expected 3.4 per cent in the second quarter, beating Wall Street's forecast of 3.2 per cent.
"A story of growth. A much stronger than expected (growth report) on Friday sent oil soaring to its highest close this year," said Phil Flynn, an analyst with Alaron trading firm.
He said the "rally in crude oil is all about economic growth."
They said the market is now waiting for the release later Wednesday of the weekly US energy supply report.
At 11:00 am (0300 GMT), New York's main contract, light sweet crude for Septmeber delivery was down 15 cents to 76.68 dollars a barrel from 76.83 dollars in late US trades Monday.
Brent North Sea crude for September delivery fell 16 cents to 75.58 dollars.
Oil prices rose close to record levels last week as data showed the US economy expanded a stronger-than-expected 3.4 per cent in the second quarter, beating Wall Street's forecast of 3.2 per cent.
"A story of growth. A much stronger than expected (growth report) on Friday sent oil soaring to its highest close this year," said Phil Flynn, an analyst with Alaron trading firm.
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He said the "rally in crude oil is all about economic growth."
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