NEW YORK, March 23: NYMEX crude futures ended lower on Friday after end-of-week profit-taking pushed down the price from a new six-month high of $25.85 in early trading.

NYMEX May crude ended 31 cents lower at $25.30 a barrel after trading between $25.85 and $25.20.

“We got to these levels over recent weeks on war talk, fund buying and refinery problems. But today’s action is not news-related,” one New York floor trader said. “It’s end-of-week profit-taking and it still looks pretty good for next week.”

Brokers and floor traders in New York said there was some nervousness in the market following Thursday’s late surge after trading most of the session lower.

Some analysts believe the uptick was underpinned by hopes for US oil demand from a recovering economy, producer cutbacks and tensions between major oil producer Iraq and the United States, the world’s biggest consumer.

“The market is reflective of world tensions but it is also reflective of the improving US economy and the global economy,” said Phil Flynn, senior analyst at Alaron Research.

Traders said profit-taking pushed prices lower after a new six-month high of $25.85 was set earlier today as the market tested the Sept 24 high of $25.90.

The price of OPEC’s basket of seven crudes rose to $23.71 Thursday from Wednesday’s $22.98, Opec said. This marked a return to the cartel’s $22-$28 target price band on March 11 after staying below the range since Sept 24.—AFP