Thursday 26 April 2018

Profit taking drives down the price of oil

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.

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