Oil prices weaker in Asian trade ahead of US energy report
Thursday, 2 August 2007
SINGAPORE, Aug 1 (AFP): Oil prices eased in Asian trade today on profit-taking after rising close to all-time highs on expectations of declines in US energy reserves, dealers said.
At 3:15 pm (0715 GMT), New York's main contract, light sweet crude for September delivery, was down 40 cents to 77.81 US dollars a barrel from 78.21 dollars in late US trades Tuesday.
Oil had risen as high as 78.24 dollars, just shy of its all- time record of 78.40 dollars hit July 13, 2006, as players anticipated further tightness in supplies and ahead of the weekly US stockpiles report due later Wednesday.
Brent North Sea crude for September dropped 40 cents to 76.65 dollars.
"People are still looking at the supply-demand picture," said Steve Rowles, an analyst with CFC Seymour in Hong Kong.
The US Department of Energy is due to release later Wednesday its weekly energy stockpiles report and the market is expected a fall in reserves.
At 3:15 pm (0715 GMT), New York's main contract, light sweet crude for September delivery, was down 40 cents to 77.81 US dollars a barrel from 78.21 dollars in late US trades Tuesday.
Oil had risen as high as 78.24 dollars, just shy of its all- time record of 78.40 dollars hit July 13, 2006, as players anticipated further tightness in supplies and ahead of the weekly US stockpiles report due later Wednesday.
Brent North Sea crude for September dropped 40 cents to 76.65 dollars.
"People are still looking at the supply-demand picture," said Steve Rowles, an analyst with CFC Seymour in Hong Kong.
The US Department of Energy is due to release later Wednesday its weekly energy stockpiles report and the market is expected a fall in reserves.