Updated at: 0621 PST, Tuesday, October 26, 2010
SINGAPORE: Oil fell in Asian hours Tuesday as traders took profits following a rally in New York brought about by a weak US dollar, analysts said.
New York's main contract, light sweet crude for December delivery, fell eight cents to 82.44 dollars a barrel. The contract had closed Monday 83 cents higher at 82.52 dollars.
Brent North Sea crude for December delivery was nine cents lower at 83.45 dollars after closing 96 cents stronger on Monday.
"It could be profit-taking as the oil market is taking a breather," said Serene Lim, a Singapore-based commodities analyst with Australia's ANZ bank.
"There doesn't seem to be much supportive news (at the moment)," she told AFP.
Crude futures rallied overnight in US trade Monday as the weak greenback encouraged investor interest in dollar-denominated commodities including oil, which has become cheaper for buyers holding stronger foreign currencies.
The euro traded at 1.3969 dollars in late US trade Monday but had dropped slightly to 1.3959 dollars in early Asian trade Tuesday.
The dollar changed hands at 80.74 yen Tuesday, down from 80.82 late Monday. |
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