Dawn News

Global oil prices drop

LONDON, Jan 11: World oil prices fell on Friday on profit-taking, one day after striking three-month peaks on upbeat Chinese economic data, a weaker dollar and reports of a cut in Saudi Arabian crude production.

Brent North Sea crude for delivery in February slid 69 cents to $111.20 a barrel in London deals approaching mid-day in the British capital.

New York’s main contract, light sweet crude for February or West Texas Intermediate (WTI), dropped 30 cents to $93.52 a barrel.

“Crude oil prices gave back yesterday’s gains and slid lower on Friday, due to some profit-taking following a stronger US dollar and mixed global equity markets,” said analyst Myrto Sokou at the Sucden Financial Research brokerage.

Brent oil had soared on Thursday to $113.29, reaching the highest level since October 18. New York crude had meanwhile touched $94.70, a level last witnessed on September 19.—AFP

Email news tips and feedback to News Desk, submit blogs to Blog Desk and share photos and Videos with Special Projects Desk.

Comments (0) Closed