Oil prices are falling on Wednesday morning amid profit-taking, a stronger dollar due to continued European debt concerns and a rise in product stocks in this week's API inventory report, players said.
The front month contract for Brent North Sea crude oil was last changing hands down USD 0.91 at USD 90.48/bbl on the ICE platform, while the WTI January on Nymex contract traded USD 0.87 lower at USD 87.82/bbl.
Players were taking profit after the front month in New York had breached USD 90/bbl in intraday trading on Tuesday, said analyst Victor Shum at Purvin & Gertz in Sin
Mittwoch, 8.12.2010, 08:00 Uhr
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