Crude prices down in Asian trade on profit taking

I / Singapore October 21, 2010, 10:22 IST

Oil prices were down in Asian trade today, hovering above $82 as traders took profit from a rally the day before, analysts said.

New York's main contract, light sweet crude for delivery in December, shed  21 cents to $82.33 dollars.

Brent North Sea crude for December delivery dipped 29 cents to $83.31.

Prices were retreating following a crude rally yesterday, said Serene Lim, oil and gas analyst from ANZ bank in Singapore.

"I think it could likely be profit-taking today," she said of the price fall.

Crude markets had jumped on yesterday on a weaker dollar and lower-than-expected rise in US crude inventories.

Prices were also constrained by the $83 price level, which Lim described as a "very strong resistance level."

Traders were eyeing the release of Asian economic titan China's third-quarter gross domestic product (GDP) and industrial production figures for market leads, Lim added.