Crude down in Asia on profit-taking

Crude fell in Asia Wednesday as traders took profits following the previous day's rally while US President Barack Obama's re-election victory did little to move prices, analysts said.

New York's main contract, light sweet crude for delivery in December, fell 39 cents to $88.32 a barrel in the afternoon and Brent North Sea crude for December delivery shed 51 cents to $110.56.

Crude traders were engaging in "some profit-taking after the highs yesterday," said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.

"US oil futures surged ahead quite a bit (Tuesday) ... and so we see some pullback this morning," he told AFP.

Shum added that crude markets had "reacted neutrally" to news of Obama's re-election.

Obama won his second election against Republican challenger Mitt Romney despite a slow economic recovery and the high unemployment that has haunted his first term.

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    Currencies
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