Profit taking drives down the price of oil
Published 11/11/2011 | 08:53
OIL prices headed down in Asian trade today as traders took profits from a heady overnight rally caused by positive data from the US, China and even Europe..
New York's main contract, light sweet crude for delivery in December, retreated 23 cents to $97.55 a barrel.
Brent North Sea crude for December delivery shed 61 cents to $113.10.
Analysts said that crude traders were making a killing after prices shot up in late US trade last night.
The US had a rare reprieve from its economic woes on Thursday as government data showed the trade gap of the world's largest oil consumer narrowed in September.
Unemployment claims fell to a seven-month low last week in the US too.
European debt worries were also slightly eased as Greece named a new PM adfter days of wrangling.
And Italy's borrowing rate fell from alarming levels reached on Wednesday.
In China, figures issued yesterday showing stronger than expected oil imports.