| GEO Business | | Oil lower in Asia | Updated at: 0846 PST, Thursday, April 01, 2010
SINGAPORE: Oil prices dropped in Asian trade Thursday after investors took profit following a surge near 17-month highs, analysts said.
New York's main contract, light sweet crude for delivery in May, shed 43 cents to 83.33 dollars a barrel. Brent North Sea crude for May eased 39 cents to 82.31 dollars per barrel.
The New York contract rose 1.39 dollars on Wednesday, peaking at 83.85 dollars, a level near October 2008 highs, before paring back gains on a report which showed a larger-than-expected build in US crude stocks.
Wednesday's price rise was driven by a weakened dollar which makes dollar-priced commodities like oil cheaper for buyers using other currencies.
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