Oil prices drop before US data, Saudi protests

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March 10, 2011

LONDON — World oil prices fell back Thursday after spiking sharply higher a day earlier, as traders kept a wary eye ahead of US data and planned protests in oil kingpin Saudi Arabia.

New York’s main contract, light sweet crude for delivery in April, dropped 32 cents to $104.06 a barrel.

Brent North Sea crude for April shed 51 cents to $115.43.

“Crude oil prices have been under pressure and corrected lower as geopolitical tensions in Libya slightly eased while some further profit taking emerged ahead of the US economic figures,” said Sucden Financial analyst Myrto Sokou.

US weekly jobs data is due at 1330 GMT.

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This article was posted: Thursday, March 10, 2011 at 6:16 am

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