06 Apr '11, 3am

Oil down in Asian trade on profit-taking

SINGAPORE - WORLD oil prices fell from two-and-a-half year highs in Asia on Wednesday as traders reaped gains from the rally, analysts said. Investors were also awaiting an expected interest rate hike from the European Central Bank (ECB), a move seen to boost the euro and make dollar-priced oil cheaper. New York's main contract, light sweet crude for May, fell 45 cents to US$107.89 (S$135.96) per barrel. Brent North Sea crude for May delivery retreated 55 cents to US$121.67 after touching US$122.89 in intraday trade on Tuesday - its highest level since August 2008 - before closing at US$122.22. 'I think it's just a very technical selloff after Brent hit US$122 which is the highest level since August 2008,' said Serene Lim, oil and gas analyst for ANZ bank in Singapore. She added that crude oil traders were looking to the ECB meeting on Thursday, where a hike in the central...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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