Oil Prices Drop 3% as Investors Retreat From Overnight Gains.
Pulbished on:
Singapore, 1 September 2105(Lana) Oil prices fell nearly 3% in
Asian trade on Tuesday, with investors covering short positions and
taking profits after Brent and US crude soared more than 8% in the
previous session.
Brent crude for October delivery had dropped $1.91 to $52.24 a
barrel, or 3.53%, as of 0050 GMT after climbing $4.10, or 8.2%, in
the previous session.
US crude for October delivery dropped $1.86, or 3.8%, to $47.35 a
barrel, after it settled up $3.98, or 8.8% in the previous session.
US crude, also known as West Texas Intermediate, had climbed
27.5% by the end of three days of gains in the previous session, the
largest three-day increase in dollar terms since February 2011 and
the biggest percentage increase over three days since August 1990.
Investors will be watching key US and Chinese data, later on
Tuesday to give further direction to prices.
=Lana=