APN News

  • Sunday, September, 2021| Today's Market | Current Time: 03:21:45
  • Oil down in Asia on profit-taking

    Published on May 10, 2011

    Crude fell in Asian trade on Tuesday, as traders locked in profits from earlier gains, analysts said.

    New York’s main contract, light sweet crude for delivery in June, dipped USD 1.46 to USD 101.09 a barrel. Brent North Sea crude for June delivery lost USD 1.41 to USD 114.49.

    “Both Brent and WTI (West Texas Intermediate) are slightly weaker after a USD 6 and USD 7 rally overnight, which could have resulted in some profit-taking as traders take a breather before oil prices rise further,” said Serene Lim, a Singapore-based oil and gas analyst in ANZ bank.

    A Standard and Poor’s (S&P) downgrade of Greece’s credit rating on Monday also caused a dip in Brent crude prices.

    “Definitely one of the reasons for prices is due to the euro remaining under pressure as S&P downgraded Greece’s rating, and the rating might be lowered further,” Lim added.

    A lower credit rating for Greece raised concerns over the economic health of European economies and affected investment confidence.

    Crude oil prices had rebounded sharply on Monday helped by positive employment data from the US, the world’s largest oil consumer, after major selling last week.