07 Apr '11, 3am

Oil prices trade lower in Asia

Oil prices trade lower in Asia

SINGAPORE: World oil prices fell in Asian trade Thursday as investors continued to lock in profits from recent gains and Libyan rebels exported the country's first crude oil shipment from a region that they control, analysts said. New York's main contract, light sweet crude for May, pulled back 39 cents to $108.44 per barrel after crossing $109 for the first time in two-and-a-half years in US trade Wednesday. Brent North Sea crude for May delivery dipped 51 cents to $121.79 after touching $123.37 a barrel in London intra-day trading the day before. "Oil prices are pulling back this morning primarily due to profit taking," said Victor Shum, senior principal for Purvin and Gertz international energy consultants in Singapore. He added the disruption in Libya's oil shipments appeared to be easing after rebels fighting veteran leader Muammar al-Gaddafi started exporting crude o...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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