Oil eases but remains above $77 in Asia
Friday, 18 June 2010
SINGAPORE, June 17 (Commodity Online): World oil prices eased in Asian trade Thursday but remained above $77 a barrel.
Light sweet crude for July delivery was seen trading at $ 77.27 a barrel at 11.30 am Singapore time while Brent crude was at $ 78.05 a barrel in London.
The black gold takes a break from Wednesday's six-week high after investors began profit taking amid lack of clear support from the stock markets or the euro.
On Wednesday, oil prices hit a six-week high of $78.13, highest intraday front-month price since $78.19 was struck on May 7. Oil has rebounded from the 2010 low of $64.24 on May 20.
Oil's rise for the third day running was lifted by a surprise drop in US gasoline inventories that stoked demand hopes for the world's biggest energy-consuming nation.
New York's main futures contract, light sweet crude for delivery in July, closed at $77.67 a barrel, up 73 cents from Tuesday.
Light sweet crude for July delivery was seen trading at $ 77.27 a barrel at 11.30 am Singapore time while Brent crude was at $ 78.05 a barrel in London.
The black gold takes a break from Wednesday's six-week high after investors began profit taking amid lack of clear support from the stock markets or the euro.
On Wednesday, oil prices hit a six-week high of $78.13, highest intraday front-month price since $78.19 was struck on May 7. Oil has rebounded from the 2010 low of $64.24 on May 20.
Oil's rise for the third day running was lifted by a surprise drop in US gasoline inventories that stoked demand hopes for the world's biggest energy-consuming nation.
New York's main futures contract, light sweet crude for delivery in July, closed at $77.67 a barrel, up 73 cents from Tuesday.