Singapore, April 13: Oil prices eased in Asian trade
on Monday as traders took profits from last week`s strong finish
before the start of the Easter holiday weekend, analysts said.
New York`s main futures contract, light sweet crude for
May delivery, shed 46 cents to USD 51.78 a barrel.
Brent North Sea crude for delivery in May fell 11 cents
to USD 53.95. The contract for May delivery will expire
Wednesday.
Oil and stock markets were closed on Friday for the Easter
weekend holiday.
"After a strong finish, we now see a bit of
profit-taking. After all, it remains uncertain whether we have
reached a bottom on the fundamentals of oil," said Victor
Shum, senior principal of energy consultants Purvin and Gertz
in Singapore.
Crude oil prices were boosted on Thursday by a strong Wall
Street rally ahead of the Easter holidays due to US banking
giant Wells Fargo`s projection of a "record" USD 3 billion
profit in the first quarter, which sent shares of major
banks soaring.
The rally might carry forward to this week, when
earnings reports of other banks are due to be released, added
Shum.
"If the (earnings reports) are like Wells Fargo`s, that
will continue to provide some positive news for the oil
market," he said.
Bureau Report
