Crude prices back off ahead of possible supply rise

Crude oil prices fell in early Asian trade Wednesday on profit taking following the overnight surge, and in part due to the bearish outlook on a possible increase in U.S. crude supply for the week ended July 8.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in August CLQ6, -1.43%  at $46.34 a barrel, down $0.98, or 1%, in the Globex electronic session. September Brent crude LCOU6, -1.63%  London’s ICE Futures exchange fell $0.54, or 1.1%, to $47.93 a barrel.

Overnight, oil prices surged nearly 5%, buoyed by the latest report issued by the Organization of the Petroleum Exporting Countries’ which said that non-cartel production could drop by 800,000 barrels a day this year to 56.03 million barrels.

For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my