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Oil prices down in Asian trade
Oil prices fell in Asian trade on Thursday on profit-taking and the restarting of a British pipeline but an attack by Islamist militants on an Algerian gas field supported prices.
New York’s main contract, light sweet crude for delivery in February shed 37 cents to $93.87 a barrel in the afternoon after the contract rose to its highest levels since September on data showing strong US demand.
A report by the US Energy Administration on Wednesday said oil stockpiles dropped by one million barrels in the week to January 11. Analysts had forecast a build of 2.1 million barrels.
Brent North Sea crude for March delivery was down $1.07 to $109.54 in volatile trading that saw prices see-sawing. The February contract expired on Wednesday.
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