Sunday 11 December 2016

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..

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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.

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