Oil prices mixed in Asian trade
Wednesday, 8 August 2007
SINGAPORE, Aug 7 (AFP): Oil prices were mixed in Asian trade today following sharp declines overnight on concerns at the potential global implications of troubles in the US sub-prime mortgage market, dealers said.
New York's main contract, light sweet crude for September delivery, was down 19 cents to 71.87 dollars. The contract tumbled 3.42 dollars to 72.06 dollars in late US trade Monday.
Brent North Sea crude for September advanced four cents to 71.21 dollars after a 3.58 dollar fall overnight in London.
Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo, said investors who had expected prices to go higher were quickly liquidating their positions to cut losses amid signs oil could fall further.
"Most traders now feel that market trends could be changing from the upside to the downside. People don't want to take fresh positions ... They must cut positions to avoid further downside risks," he said.
New York's main contract, light sweet crude for September delivery, was down 19 cents to 71.87 dollars. The contract tumbled 3.42 dollars to 72.06 dollars in late US trade Monday.
Brent North Sea crude for September advanced four cents to 71.21 dollars after a 3.58 dollar fall overnight in London.
Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo, said investors who had expected prices to go higher were quickly liquidating their positions to cut losses amid signs oil could fall further.
"Most traders now feel that market trends could be changing from the upside to the downside. People don't want to take fresh positions ... They must cut positions to avoid further downside risks," he said.