Crude
prices fell in Asian trade Wednesday as traders took profits from an new York
rally and were scared off by a stronger dollar, analysts said.
New York's main contract, West Texas Intermediate (WTI) for
delivery in November, slipped $1.34 to $83.11 a barrel in the afternoon.
Brent North Sea crude for November delivery shed $1.00 to
$106.14.
Nick Trevethan, senior commodities strategist for ANZ
Research in Singapore, told AFP: "Markets have seen some very big gains
overnight... Take that with the slightly stronger dollar and it's hardly
surprising prices are down."
Crude prices had rocketed in the United States on Tuesday,
with WTI soaring $4.21 or 5.25 percent to close at $84.45 a barrel on traders'
hopes that European governments would be able to contain a festering regional debt
crisis.
The euro was trading lower against the greenback in early
Asian trade Wednesday, at $1.3561 compared with $1.3590 in late US trade on
Tuesday.
A stronger US unit deters traders using other currencies from
buying dollar-priced crude as it would be more expensive for them.
Source : AFP
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