West
Texas Intermediate fell as a technical indicator shows last week��s
increase to the highest price in nine months was excessive. Brent in
London dropped amid speculation Iraqi forces will slow the advance of
insurgents.Futures slid as much as 0.3 percent in New York. WTI��s relative strength index closed above 70 for a third day yesterday, signaling prices rose too quickly to sustain further gains, data compiled by Bloomberg show. Iraq��s army pummeled the positions of Sunni Muslim insurgents who have captured large chunks of territory in the country��s north as the U.S. weighed a military intervention to help the government.
WTI for July delivery fell as much as 32 cents to $106.58 a barrel in electronic trading on the New York Mercantile Exchange and was at $106.66 at 1:34 p.m. Sydney time. The contract lost 1 cent yesterday after ending last week��s trading at $106.91, the highest close for the front month since Sept. 18. The volume of all futures traded was about 18 percent below the 100-day average. Prices are up 8.4 percent this year.
Brent for August settlement dropped as much as 33 cents, or 0.3 percent, to $112.61 a barrel on the ICE Futures Europe exchange. The European benchmark crude traded at a premium of $6.60 to WTI for the same month, compared with $6.64 yesterday.
Source : Bloomberg
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