Oil prices drop

Published Jan 29, 2013 12:16am

Brent North Sea crude for delivery in March slid 35 cents to $112.93 a barrel in late morning London deals. —File Photo

LONDON: Global oil prices fell on Monday as traders cashed in recent gains and awaited fresh economic data from the United States, analysts said.

Brent North Sea crude for delivery in March slid 35 cents to $112.93 a barrel in late morning London deals.

The contract had surged on Friday to $113.84 -- the highest level since mid-October -- on a weaker dollar, upbeat German data and growing global economic optimism, traders said.

Elsewhere on Monday, New York's main contract, light sweet crude for March or West Texas Intermediate (WTI), shed 10 cents to $95.78 a barrel.

“Crude futures have retreated from last week's high in small scale profit-taking amid little fundamental developments with the market looking at softer equities for direction,” said Andrey Kryuchenkov, analyst at VTB Capital financial group.—AFP


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