Singapore, April 27: Oil dipped below USD 83 in Asian trade today as investors took profits after a recent rally, analysts said.
Traders were also waiting for the results of a meeting today and tomorrow of the US Federal Reserve and the release of a weekly US report indicating energy demand in the world’s biggest economy.
New York’s main contract, light sweet crude for delivery in June, was down 54 cents to USD 83.66 a barrel in morning trade. Brent North Sea crude for June was down 26 cents to USD 86.57.
“It could be due to profit-taking because (New York) crude oil prices rallied quite a bit last Friday touching about 85.50,” said Serene Lim, a Singapore-based oil analyst with the ANZ bank.
“All eyes will be on the Fed statement…
–PTI