Brent crude falls more than $1/bbl on profit taking

06 August 2012 12:45  [Source: ICIS news]

SINGAPORE (ICIS)--Crude futures prices declined on Monday, with Brent falling by more than $1/bbl at one stage amid profit taking after the sharp rally last Friday.

At 11:09 GMT, September Brent crude on London’s ICE futures exchange was trading at $108.22/bbl, down by 72 cents/bbl from the previous close. Earlier, the North Sea benchmark fell to a session low of $107.90/bbl, down by $1.04/bbl.

September NYMEX light sweet crude futures (WTI) were trading at $91.04/bbl, down by 36 cents/bbl on the previous close. Earlier, the US benchmark fell to a session low of $90.63/bbl, down by 77 cents/bbl.

Crude prices eased after making substantial gains last Friday which pushed September Brent futures values up by more than $3.04/bbl and September WTI futures up by $4.27/bbl at the close.

Crude values rallied on Friday following better than expected US employment data with showed employers hiring at their highest level in five months.

Heightened Middle East tensions added further upside pressure with the US Congress passing over the weekend a new package of sanctions against Iran and Tehran testing a missile system, which could threaten shipping in the Arab Gulf.

By: James Dennis
+65 6780 4359

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