Updated on
Summary WTI on Monday jumped to $92.20 a barrel, the highest since May 21.
Oil prices slipped in Asia on Tuesday as traders took profits from a rally in New York. New Yorks main contract, WTI for delivery in September, fell 28 cents to $91.92 a barrel in the afternoon and Brent North Sea crude for September delivery shed 15 cents to $109.40.WTI on Monday jumped to $92.20 a barrel, the highest since May 21, on rumours of an attack on Syrias leader Bashar al-Assad and as a tropical storm looked likely to grow into a hurricane that could hit Gulf of Mexico oil operations.Earlier reports from the US showing an improving jobs sector and hopes that the European Central Bank may soon take action to relieve the eurozone debt crisis also spurred buying.I think its seen quite a rally in the last few trading days and this is the inevitable profit taking, Justin Harper, market strategist for IG Markets Singapore, told AFP.
