Crude prices retreat on profit-taking

GMT 22:23 2014 Friday ,18 July

Arab Today, arab today Crude prices retreat on profit-taking

Crude prices
New York - XINHUA

Crude prices dropped Friday on profit-taking after Thursday's sharp rise boosted by geopolitical worries.
Crude prices rose Thursday as fears over rising tensions in Ukraine caused by a downing of a Malaysia Airlines passenger plane near the Russian border. The tragedy came after the United States and the European Union imposed new round of sanctions on Russia this week to punish the country over the Ukraine crisis.
Russia is an important oil producer, and most of Russian crude and gas exports to Europe pass through Ukraine. Any political uncertainty in this region could raise concerns about oil supplies globally.
U.S. crude price gained 2 percent on Thursday, and has climbed more than 3 percent since dropping below 100 dollars Tuesday. Traders are still watching closely of the situation in Ukraine.
Economic data came out negative in the day. The Thomson Reuters/ University of Michigan's preliminary reading for U.S. consumer sentiment index in July dropped to 81.3 from 82.5 of the prior month, also falling short of market consensus of 83.0.
The Conference Board Leading Economic Index for the United States advanced 0.3 percent to 102.2 in June, following a 0.7 percent increase in May. That data also trailed market estimates.
Light, sweet crude for August delivery moved down 6 cents to settle at 103.13 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery lost 65 cents to close at 107.24 dollars a barrel.

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