Light oil prices trading down on profit taking

NYMEX light oil prices were trading down at the close last Friday and at the open on Monday as oil traders banked profits from a four day rally spurred by growing optimism that the global economy is emerging from recession. There was also concern that higher oil prices is not justified, given supply levels remain high.

New York’s main contract, NYMEX light sweet crude for October delivery, finished at $US69.29 a barrel, down $US2.65 from Thursday’s closing level.

NYMEX light sweet oil was little changed trading around the $68 to $69 a barrel today, pausing from the previous session’s near 4 percent decline that followed demand concerns, a weak US equities market and a rebounding dollar.

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