Oil prices dip on profit-taking

LONDON, May 8 (AFP): World oil prices fell Thursday as some traders cashed in the previous day's gains won on the back of strengthening crude demand in the United States.
Crude futures also retreated on an apparent easing of tensions over the Ukraine-Russia crisis, traders said, although the crisis appeared to be reigniting on Thursday.
The US benchmark, West Texas Intermediate for delivery in June, slid 35 cents to $100.42 a barrel.
Brent North Sea crude for June shed 56 cents to trade at $107.57 a barrel approaching midday in London.
"Prices have... erased some of the previous session's gains on short-term profit-taking," said Sucden brokerage analyst Kash Kamal.
The oil market had jumped Wednesday by more than one dollar after crude inventories unexpectedly fell from a record high in the United States, suggesting improving demand in the world's top crude consumer.
The US Department of Energy announced that American crude reserves sank by 1.8 million barrels in the week to May 2. That confounded market expectations for a gain of 1.2 million barrels.
Investors were also digesting Chinese official data released Thursday that showed the country's exports and imports rose marginally in April, rebounding from sharp declines the month before.
The figures revealed a second straight trade surplus, but amid complaints by analysts over the continued impact of fake reporting of exports seen in early 2013.
"China's trade data show signs of recovery but continue to understate the true health of the export sector," said Julian Evans-Pritchard, China economist for Capital Economics.