Oil prices fall after U.S. stocks blazed to new record levels

PanARMENIAN.Net - Oil prices were down in Asian trade Monday, May 20, as investors locked in profits from last week's gains after U.S. stocks blazed to new record levels, according to AFP.

The U.S. benchmark contract, West Texas Intermediate for June delivery, was down five cents to $95.97 a barrel and Brent North Sea crude for delivery in July dropped three cents to $104.61.

Prices surged last week after a better-than-expected reading on U.S. consumer confidence boosted hopes for stronger energy demand in the world's biggest economy and sent U.S. stocks soaring to new record highs Friday.

DBS Bank said financial markets are waiting for further news on U.S. home sales, durable goods orders and personal consumption this week, as well as a testimony on Wednesday by U.S. Fed chief Ben Bernanke before the Joint Economic Committee of the U.S. Congress.

Bernanke is expected to update the Congress on the central bank's latest economic outlook, with the markets closely watching for indications on when the Fed will start winding down its massive bond-buying program to boost the economy.