Oil Falls From Highest Level
Source: Bloomberg News |
April 26, 2011, Tuesday
|
Print Edition
Print Edition
CRUDE oil fell from the highest price in 31 months in New York after failing to maintain gains through a technical resistance level.
Oil slipped as much as 1.1 percent after reaching US$113.48 a barrel, the highest price since September 2, 2008. The gain breached a previous high of US$113.46 set on April 11.
"We hit that high, and people said that's as high as we're going to go today, so I'm going to take my profits," said Carl Larry, president of Oil Outlook & Opinions LLC in Houston.
Oil for June delivery tumbled 87 cents, or 0.8 percent, to US$111.42 a barrel at 10:15am on the New York Mercantile Exchange. Futures have risen 31 percent in the past year.
Brent crude oil for June settlement fell 94 cents, or 0.8 percent, to US$123.05 a barrel on London-based ICE Futures Europe exchange. Most European countries have a public holiday yesterday for Easter Monday.
Oil slipped as much as 1.1 percent after reaching US$113.48 a barrel, the highest price since September 2, 2008. The gain breached a previous high of US$113.46 set on April 11.
"We hit that high, and people said that's as high as we're going to go today, so I'm going to take my profits," said Carl Larry, president of Oil Outlook & Opinions LLC in Houston.
Oil for June delivery tumbled 87 cents, or 0.8 percent, to US$111.42 a barrel at 10:15am on the New York Mercantile Exchange. Futures have risen 31 percent in the past year.
Brent crude oil for June settlement fell 94 cents, or 0.8 percent, to US$123.05 a barrel on London-based ICE Futures Europe exchange. Most European countries have a public holiday yesterday for Easter Monday.
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