Oil prices dip
Thursday, 21 June 2012
LONDON, June 20 (AFP): Crude oil prices slid Wednesday with traders taking profits from gains won in New York overnight on hopes of fresh stimulus measures from the US Federal Reserve, analysts said.
New York's main contract, light sweet crude for delivery in July, fell 17 cents to $83.86 a barrel. Brent North Sea crude for August shed 62 cents to $95.14.
The losses came after a rally on Tuesday fuelled by talk of Fed action to boost the flagging US economy -- which is also the world's biggest oil-consuming nation -- said Jason Hughes, head of premium client management for IG Markets Singapore.
"We've seen the oil price ease a bit ... in line with the view that people might be taking some short-term gains," he told AFP.
The Federal Reserve on Tuesday began a two-day policy meeting against the backdrop of weakening US jobs growth and a European debt crisis that is taking its toll on the global economy.
New York's main contract, light sweet crude for delivery in July, fell 17 cents to $83.86 a barrel. Brent North Sea crude for August shed 62 cents to $95.14.
The losses came after a rally on Tuesday fuelled by talk of Fed action to boost the flagging US economy -- which is also the world's biggest oil-consuming nation -- said Jason Hughes, head of premium client management for IG Markets Singapore.
"We've seen the oil price ease a bit ... in line with the view that people might be taking some short-term gains," he told AFP.
The Federal Reserve on Tuesday began a two-day policy meeting against the backdrop of weakening US jobs growth and a European debt crisis that is taking its toll on the global economy.