Oil prices fall in Asian trade
Thursday, 12 July 2007
SINGAPORE, July 11 (AFP): Oil prices fell in Asian trade today as the market took a breather after climbing to new 11- month highs, dealers said.
New York's main oil futures contract, light sweet crude for delivery in August, was 16 cents lower at 72.65 dollars per barrel from 72.81 dollars in late US trades Tuesday.
Brent North Sea crude for August was also 16 cents lower at 76.24 dollars.
Oil prices have pushed toward record highs seen in the middle of last year at 78.64 dollars in London and 78.40 dollars in New York.
"I think we've had sort of a good run up," said Jason Feer, Asia Pacific vice president and general manager for oil market analysts Argus Media Ltd.
The market was waiting a weekly US energy inventory report to be issued later Wednesday, with gasoline reserves remaining in focus during the peak-demand US summer holiday driving season.
New York's main oil futures contract, light sweet crude for delivery in August, was 16 cents lower at 72.65 dollars per barrel from 72.81 dollars in late US trades Tuesday.
Brent North Sea crude for August was also 16 cents lower at 76.24 dollars.
Oil prices have pushed toward record highs seen in the middle of last year at 78.64 dollars in London and 78.40 dollars in New York.
"I think we've had sort of a good run up," said Jason Feer, Asia Pacific vice president and general manager for oil market analysts Argus Media Ltd.
The market was waiting a weekly US energy inventory report to be issued later Wednesday, with gasoline reserves remaining in focus during the peak-demand US summer holiday driving season.