NEW YORK: World oil prices fell Friday as investors booked profits from the previous day's rally amid sluggish global economic growth.
New York's main West Texas Intermediate (WTI) contract, light sweet crude for February, settled 26 cents lower at $93.56 a barrel.
In London, Brent North Sea crude for delivery in February closed at $110.64 a barrel, down $1.25 from Thursday's close.
"Today we simply could be seeing profit taking as the oil markets have rallied over the last three weeks," Andy Lipow of Lipow Oil Associates.
Traders were facing an overbought market with no significant news to take prices higher, Robert Yawger of Mizuho Securities said.
He noted that WTI had hit the highest level in several months on Thursday, at $94.70 a barrel. The surge was largely driven by upbeat trade data from China, the world's second-biggest oil consumer.
Tim Evans of Citi Futures said rising US petroleum product inventories were to blame for Friday's price weakness.
"The rally of the past few weeks largely ignored the rising stocks," he said.
-AFP/ac
Oil prices slip on profit taking
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Oil prices slip on profit taking
