SINGAPORE, Feb 4 (AFP): Oil prices fell in Asia Wednesday following a three-day rally as dealers were divided on whether the commodity has bottomed out after a plunge of nearly 60 per cent since June, analysts said.
US benchmark West Texas Intermediate (WTI) for March delivery fell 94 cents to $52.11 while Brent crude for March eased 47 cents to $57.44 in mid-morning trade.
WTI soared $3.48 to $53.05 Tuesday, its highest close since December 31, while Brent jumped $3.16 to $57.91, its best reading since December 30, as dealers cheered signs that the oil industry is tightening exploration activities to cap a supply glut.
Ken Hasegawa, an energy trading manager at Newedge Group in Tokyo, said the crude market was "extremely volatile" after the three-day rally that began Friday saw prices surge nearly 20 per cent.
Oil prices down in volatile Asian trade
FE Team | Published: February 05, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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