Crude prices down in Asian trade on profit taking
New York's main contract, light sweet crude for delivery in December, shed 21 cents to $82.33 dollars.
Oil prices were down in Asian trade today, hovering above $82 as traders took profit from a rally the day before, analysts said.New York's main contract, light sweet crude for delivery in December, shed 21 cents to $82.33 dollars.Brent North Sea crude for December delivery dipped 29 cents to $83.31.Prices were retreating following a crude rally yesterday, said Serene Lim, oil and gas analyst from ANZ bank in Singapore."I think it could likely be profit-taking today," she said of the price fall.Crude markets had jumped on yesterday on a weaker dollar and lower-than-expected rise in US crude inventories.Prices were also constrained by the USD 83 price level, which Lim described as a "very strong resistance level."Traders were eyeing the release of Asian economic titan China's third-quarter gross domestic product (GDP) and industrial production figures for market leads, Lim added.