Oil eases as investors take profits from new peaks
Oil prices fell nearly 1 percent to below $93 a barrel on Tuesday, fading from their latest record high as investors took profits from a rally driven by a Mexican supply outage and the spiralling dollar.
U.S. crude fell by 71 cents to $92.82 a barrel by 1:43 a.m. EDT after hitting a record high of $93.80 in the previous session. London Brent lost 59 cents to $89.73, down nearly $1 from its record high.
“Investors are reluctant to buy oil at high prices and they are trying to take profits at the moment,” said Tetsu Emori, fund manager at Japan’s Astmax Futures Co Ltd.
“But the market is still strong — the trouble in Mexico is very supportive and the weak dollar also provides room for oil prices to go up.”
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