Oil tumbled below USD 82 a barrel in Asian trade on Thursday as investors took profits from a price surge that followed data showing stronger US energy demand.
Oil tumbled below USD 82 a barrel in Asian trade on Thursday as investors took profits from a price surge that followed data showing stronger US energy demand.
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New York's main contract, light sweet crude for April delivery, eased 49 cents to USD 81.60 a barrel. It closed at USD 82.09 a barrel in New York, boosted by declining fuel stockpiles in the United States, which indicated strengthening demand in the world's top energy consuming nation. London's Brent North Sea crude for April delivery was down 40 cents to USD 80.80.
Analysts said the market was digesting gains made Wednesday after the US Department of Energy (DoE) reported a large drawdown in gasoline and distillate stocks. "It was largely positive but... you're always going to have some profit-taking especially while things in Europe and the US still look pretty sluggish," said Ben Westmore, an energy economist with the National Australia Bank in Melbourne.
The DoE report showed gasoline stockpiles tumbled 2.9 million barrels in the week to March 5, surprising the market as most analysts had expected an increase of about 100,000 barrels.
The DoE also said distillates, which include diesel and heating fuel, sank 2.2 million barrels, which was far heavier than predictions of a 700,000-barrel drop.
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