31 Oct '11, 2am

Oil higher in Asian trade

SINGAPORE: Crude prices turned lower in Asian trade Monday as the market went into profit-taking mode on the back of the strengthening US dollar, analysts said. New York's main contract, light sweet crude for delivery in December, slipped 90 cents to $92.42 per barrel. Brent North Sea crude for December delivery shed 96 cents to $108.95. Crude traders were taking profit from their investments following rallies sparked by European promises of a comprehensive debt rescue plan and as the greenback strengthened, said Phillip Futures commodity analyst Ker Chung Yang. "I think this could be (the result of) some profit-taking activities... The stronger US dollar has also reduced the demand," he told AFP. Oil prices and the euro's value against the US dollar spiked on Thursday after eurozone leaders announced a comprehensive battle plan to tackle the region's debt woes. In afterno...

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

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