Crude drops $2/bbl on profit taking

04 January 2011 15:52  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures lost more than $2.00/bbl on Tuesday to take the front-month February contract below $90.00/bbl, on the back of profit taking after prices rose to new 27-month highs on Monday.

By 15:25 GMT, February NYMEX crude had hit a low of $89.44/bbl, a loss of $2.11/bbl from the Monday close of $91.55/bbl, before recovering to around $90.00/bbl.

At the same time, February Brent crude on ICE Futures was trading at around $93.80/bbl, having hit a low of $93.30/bbl, a loss of $1.54/bbl from the previous close.

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By: Tony Dillon
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