Oil trades lower in year-end cooling off
Tuesday, 11 December 2007
SINGAPORE, Dec 10 (AFP): World oil traded lower in Asia today as the market entered a traditional year-end cooling off period and concerns persisted over slower US economic growth, dealers said.
In morning trade, New York's main oil futures contract, light sweet crude for January delivery, was 49 cents lower at 87.79 dollars per barrel, from 88.28 dollars in New York Friday. Brent North Sea crude for January delivery was 24 cents lower at 88.40 dollars a barrel from 88.64 dollars in London Friday.
Dave Ernsberger, Asia director of global energy information provider Platts, said the oil market traditionally cools at this time of year and there are now no strong factors that would lead to a rally.
Crude prices have fallen in choppy trading since striking record highs close to 100 dollars in late November.
On Wednesday, prices initially spiked in reaction to a decision by OPEC, at a crucial meeting in Abu Dhabi, to leave its daily crude output quota unchanged at 27.25 million barrels.
In morning trade, New York's main oil futures contract, light sweet crude for January delivery, was 49 cents lower at 87.79 dollars per barrel, from 88.28 dollars in New York Friday. Brent North Sea crude for January delivery was 24 cents lower at 88.40 dollars a barrel from 88.64 dollars in London Friday.
Dave Ernsberger, Asia director of global energy information provider Platts, said the oil market traditionally cools at this time of year and there are now no strong factors that would lead to a rally.
Crude prices have fallen in choppy trading since striking record highs close to 100 dollars in late November.
On Wednesday, prices initially spiked in reaction to a decision by OPEC, at a crucial meeting in Abu Dhabi, to leave its daily crude output quota unchanged at 27.25 million barrels.