Oil falls in Asia
Wednesday, 28 November 2007
SINGAPORE, Nov 27 (AFP): Oil prices retreated in Asia trade today after threatening the symbolic 100-dollar level, though concerns over tight supplies continued to support the market, dealers said.
In afternoon trade New York's main contract, light sweet crude for January delivery, fell 70 cents to 97 dollars a barrel from 97.70 dollars in late US trades Monday.
The January contract rose above 99 dollars in US trading Monday, spiking close to its intraday record of 99.29 set on November 21 before fading.
Brent North Sea crude for January delivery slipped 52 cents to 94.80 dollars.
Dealers expect the market decline to be brief because the tight supply situation will continue to be a big concern for investors as the northern hemisphere winter period approaches.
The US northeast region is the world's biggest heating fuel market, and US energy stockpiles including heating oil are expected to show a decline when the government releases its reserves report this week, dealers said.
In afternoon trade New York's main contract, light sweet crude for January delivery, fell 70 cents to 97 dollars a barrel from 97.70 dollars in late US trades Monday.
The January contract rose above 99 dollars in US trading Monday, spiking close to its intraday record of 99.29 set on November 21 before fading.
Brent North Sea crude for January delivery slipped 52 cents to 94.80 dollars.
Dealers expect the market decline to be brief because the tight supply situation will continue to be a big concern for investors as the northern hemisphere winter period approaches.
The US northeast region is the world's biggest heating fuel market, and US energy stockpiles including heating oil are expected to show a decline when the government releases its reserves report this week, dealers said.