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Oil prices ease in Asian trade

Oil prices ease in Asian trade
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First Published: Tue, Jul 22 2008. 11 15 AM IST
Updated: Tue, Jul 22 2008. 11 15 AM IST
AFP
Singapore: World oil prices eased in Asian trade as initial signs showed tropical storm “Dolly” would likely have limited impact on energy production in the Gulf of Mexico, dealers said.
In morning trade, New York’s main contract, light sweet crude for August delivery fell 57 cents to $130.47 a barrel while Brent North Sea crude for September delivery dropped 56 cents to $132.05.
Exxon Mobil Corp has started evacuating non-essential personnel from some offshore oil production facilities expected to be in Dolly’s path, but the company said there has been limited impact on production thus far.
Other energy giants, Chevron Corp and Royal Dutch Shell, have also moved non-essential staff from their operations in the western part of the Gulf of Mexico.
Crude prices rose more than $2 overnight in US trading hours after falling more than $16 last week.
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First Published: Tue, Jul 22 2008. 11 15 AM IST
More Topics: Oil | Asian Trade | Money Matters | Commodities |