Oil prices drop

 AFP, PARIS: Oil prices fell yesterday, coming under pressure as dealers took profits from huge gains in last week’s rally and tried to gauge the outlook for the US economy and its need for crude.
US benchmark West Texas Intermediate (WTI) for October delivery lost $1.11 to $48.94 per barrel compared with Friday’s close. It had rebounded more than 11 per cent over the five previous sessions, its biggest increase in four and a half years.
Brent crude for October delivery fell 79 cents to $44.31 per barrel in early afternoon London deals in a subdued market due to a public holiday in Britain. Late last week it scored its highest weekly rise since 2009 of around 10 per cent.
Dealers said last week’s rally was largely due to news the US economy grew at an annual rate of 3.7 per cent in the second quarter, up from a previous estimate of 2.3 per cent, stoking hopes of a pickup in demand from the world’s top oil consumer.
But yesterday oil “fell due to profit-taking,” said analysts at Saxo Banque, along with the change of season.
The impact of the supply glut could be seen in the report of exports from Qatar

Oil prices drop

AFP, PARIS: Oil prices fell yesterday, coming under pressure as dealers took profits from huge gains in last weeks rally and tried to gauge the outlook for the US economy and its need for crude. US benchmark West Texas Intermediate (WTI) for October delivery lost $1.11 to $48.94 per barrel compared with Fridays close. It had rebounded more than 11 per cent over the five previous sessions, its biggest increase in four and a half years. Brent crude for October delivery fell 79 cents to $44.31 per barrel in early afternoon London deals in a subdued market due to a public holiday in Britain. Late last week it scored its highest weekly rise since 2009 of around 10 per cent. Dealers said last weeks rally was largely due to news the US economy grew at an annual rate of 3.7 per cent in the second quarter, up from a previous estimate of 2.3 per cent, stoking hopes of a pickup in demand from the worlds top oil consumer. But yesterday oil fell due to profit-taking, said analysts at Saxo Banque, along with the change of season. The impact of the supply glut could be seen in the report of exports from Qatar