Public CompanyOil prices down in Asian trade
Oil prices were lower in Asian trade today on profit-taking after an overnight rally, boosted by a report showing stronger US energy demand, analysts said.
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New York"s main futures contract, light sweet crude for delivery in January, fell 40 cents to $72.25 a barrel in morning trade. It rose $1.69 at the close of US trade overnight.
Brent North Sea crude for delivery in February eased 11 cents to $74.18.
Analysts said investors were taking profit after a decline in US crude oil inventories indicated stronger demand in the world"s biggest energy consuming nation, sending oil prices higher Wednesday.
The US Department of Energy (DoE) said Wednesday that distillate stockpiles sank by a heavier-than-expected 2.9 million barrels last week in the United States.
Data for distillates, which include heating oil, are being watched closely at the start of the northern hemisphere winter, during which demand for heating fuel traditionally hits a peak.
Crude oil reserves dived by 3.7 million barrels, which was also far larger than market expectations, according to the DoE.
Ben Westmore, minerals and energy economist at the National Australia Bank in Melbourne, said the market is waiting for US industrial production data for further indications of the strength of recovery.