Oil prices fall as traders took profits following recent run-up

Oil prices fall as traders took profits following recent run-up
April 1, 2013 - 09:57 AMT

PanARMENIAN.Net - The price of oil fell Monday, April 1, as traders took profits following a recent run-up in prices, The Associated Press reports.

Benchmark oil for May delivery was down 36 cents to $96.87 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained 65 cents to close at $97.23 a barrel on Thursday. The market was closed Friday for the holiday.

Oil gained more than $4 in recent sessions, driven by signs of strength in the U.S. economy. Higher prices motivated investors to cash in.

"Oil prices pulled back some this morning primarily due to profit-taking. Prices rose last week based on strong performance in the equities market and also a weaker dollar," said Victor Shum, energy analyst at Purvin & Gertz in Singapore.

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