Oil prices slip Monday on profit-taking
AFP - Oil prices eased in Asian trade on Monday as traders banked profits from gains fuelled by upbeat economic data in top global energy consumer China, analysts said.
New York's main contract, West Texas Intermediate (WTI) for delivery in September, was down seven cents to US$105.90 (S$133.14) a barrel in mid-morning Asian trade and Brent North Sea crude for September shed 25 US cents to US$107.97.
"We are seeing a bit of profit-taking in crude prices after the solid gains made over the positive Chinese data last week," Desmond Chua, market analyst at CMC Markets in Singapore, told AFP.
WTI crude had jumped US$1.15 in New York trade Friday after China announced that its industrial growth accelerated in July to a five-month high of 9.7 per cent year-on-year. Brent rose 75 US cents in London trade.