Oil prices mixed in Asia

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FE Team | Published: November 12, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

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SINGAPORE, Nov 11 (AFP): Oil prices were mixed in Asian trade today as some traders took profits from a heady overnight rally sparked by a slew of positive economic data from the US, Europe and China, analysts said. New York's main contract, light sweet crude for delivery in December, rose 26 cents to $98.04 per barrel while Brent North Sea crude for December delivery shed eight cents to $113.63. Crude traders were making a quick buck after prices shot up in late US trade Thursday, said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore. "It's simply profit-taking after the big comeback yesterday in the US," he told AFP. "It was a confluence of a lot of positive economic news in the US and Europe, and some data from China on growth in its oil imports last month," Shum added. 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 and unemployment claims fell to a seven-month low last week.