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Oil Prices Lower in Asian Trade

Posted by on Monday, February 27, 2012, 10:51
This news item was posted in Business category and has 0 Comments so far .

Oil prices were lower in Asian trade Monday as traders took profits from last week’s gains, while concerns over crude producer Iran’s nuclear programme remain, analysts said.

Oil Prices

New York’s main contract, light sweet crude for delivery in April, shed 23 cents to $109.54, while Brent North Sea crude for April delivery was down 14 cents to $125.33 in morning trade.

“Prices are essentially holding quite steady, but we are seeing a slight pullback in oil prices due to some profit-taking,” said Victor Shum, senior principal at Purvin and Gertz international energy consultants in Singapore.

“Prices continued to be primarily driven by concerns over Iran and the IAEA report released last week,” he told.

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