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Page added on March 22, 2010

Oil prices trading negative on profit taking, stock markets

Oil prices fell in early trading on Monday in Asia as investors locked in profits on expectations that crude oil prices may not be sustainable above $80 a barrel level.

Light crude oil futures for delivery in April traded at $80.21 a barrel at 0647 GMT, down $0.47 on the NYMEX, while Brent crude oil futures on London’s ICE Futures Exchange fell $0.32 to $79.56.

“The oil complex has been strangely susceptible, in widely varying degrees, to talk about economic recovery and to movements in the US dollar and in equities. Oil has become a mirror, but what it is reflecting changes.” said Peter Beutel, president of Cameron Hanover.

“The market’s downward movement today is likely due to the fallout from the market’s sentiment on Friday,” said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney.