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Global oil prices drop

January 11, 2013

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