18 Apr '11, 5am

Oil prices down in Asian trade on profit-taking

SINGAPORE - OIL dipped in Asian trade on Monday as traders locked in profits after gains last week, analysts said. New York's main contract, light sweet crude for delivery in May fell 70 cents to US$108.96 (S$135.56) a barrel. Brent North Sea crude for June eased 42 cents to US$123.03. 'After three days of gains, markets are looking to lock in some of the profits,' Ong Yi Ling, an investment analyst for Phillip Futures in Singapore, told AFP, with a weaker dollar also supporting prices. As oil is priced in dollars, a weaker greenback makes it cheaper for holders of stronger currencies, perking up demand and helping push prices higher. 'The dollar could still be weak because of the easing monetary policy by the Federal Reserve,' Ms Ong told AFP. The market is also monitoring events in the Libya and other parts of the Middle East and North Africa for their possible impact on...

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

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