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Oil down on profit-taking

Published 05/06/2013, 08:51 PM
Updated 05/06/2013, 08:52 PM

Investing.com - Oil futures traded lower in the early part of Tuesday’s Asian session after notching a decent performance during Monday’s U.S. session.

On the New York Mercantile Exchange, light, sweet crude futures for June delivery fell 0.44% to USD95.73 in Asian trading Tuesday after settling up 0.32% at USD95.92 a barrel on Monday in the U.S.

Middle East tensions helped boost oil Monday. Israeli air attacks in Syria designed to take out access to weapons for Hezbollah rattled nerves on Monday and sent prices climbing, especially amid reports that air strikes hit a military research center outside of Damascus.

There is speculation Syria is using chemical weapons in some parts of the country. There has also been chatter that American air forces may join Israel in the strikes against Syria after it became apparent that Israeli air attacks penetrated Syria’s air defenses with ease.

For his part, President Obama has pledged that the U.S. will only become involved in the conflict upon confirmation that chemical weapons have been used.

Some policymakers believe that if Syrian President Bashar al-Assad has not yet used chemical weapons against rebel forces, he will do so soon in a last-ditch effort to save his tenuous grip on power.

Elsewhere, U.S. oil independents EOG Resources and Anadarko Petroleum both reported earnings after the close of U.S. markets Monday. EOG reported a 53% jump in first-quarter profits while Anadarko’s profit fell due to one-time charges.

BP, Europe’s second-largest oil company, said it will sell its 60% stake in Brazil's Polvo shallow-water oil field for USD135 million.

Meanwhile, Brent futures for June delivery fell 0.22% to USD105.08 per barrel on the ICE Futures Exchange.


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