Oil prices fall in volatile trade

10th May 2011, Comments 0 comments

Crude oil fell Tuesday on profit-taking after the new week had begun with a strong rally.

New York's main contract, light sweet crude for delivery in June, dropped 63 cents to $101.92 a barrel.

Brent North Sea crude for June delivery lost 16 cents to $115.74 in afternoon London deals.

Crude prices "are slightly weaker after a $6 and $7 rally overnight, which could have resulted in some profit-taking," said ANZ bank analyst Serene Lim.

Oil prices rebounded sharply on Monday, helped by positive employment data from the US, the world's largest oil consumer.

Prices had meanwhile slumped last week in response to evidence of weakening demand for energy.

© 2011 AFP

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