Crude prices fell on Friday on profit-taking as investors remained cautious about the details of European debt deal.
After experiencing the big rally on Thursday triggered by euro zone's debt deal, the crude markets Friday started to doubt the real effect of the newly-reached agreement. At the second sight, investors realized the deal was not a strong package and could not stop the bloc's sovereign debt crisis as it lacks details in slashing Greece's debt burden and expanding the European Financial Stability Fund.
So investors thought the crude rally may not sustain. And they chose to book profits and take money away.
Light, sweet crude for December delivery lost 64 cents, or 0.68 percent to settle at 93.32 dollars a barrel on the New York Mercantile Exchange. For this week, it jumped 5.92 dollars, or 6. 77 percent.
In London, Brent crude for December delivery dropped sharply 2. 17 dollars, or 1.94 percent to finish at 109.91 dollars a barrel. For this week, it traded flat with an increase of only 35 cents.