Oil prices fall as investors cash in on gains at week’s end

Crude oil prices edged lower in early Asian trade Friday as traders booked profits following the overnight rise, underpinned by market anxiety that the global glut is shrinking at a slower rate than expected.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in August CLQ6, -0.99%  at $45.54 a barrel, down $0.34, or 0.7%, in the Globex electronic session. September Brent crude on LCOU6, -1.01%  ICE Futures exchange fell $0.36, or 0.8%, to $47.01 a barrel.

Prices were also suppressed by an appreciating greenback, the currency that the oil industry uses to conduct business. According to the Wall Street Journal Dollar Index BUXX, +0.11%  , the dollar was last up 4 cents at 86.88.

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