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Oil prices were mixed in Asian trade today as the data showing pick-up in Chinese manufacturing in March was offset by profit-taking, analysts said.
New York’s main contract, light sweet crude for delivery in May, dropped 18 cents to $93.32 a barrel, while Brent North Sea crude for May delivery was up a cent to $108.73 in late morning trade.
“Oil is readjusting back to its downtrend on profit-taking,” said Ker Chung Yang, senior investment analyst at Phillip Futures in Singapore.
Prices had rallied in New York yesterday after official data showed an unexpected decline in US oil inventories. Oil inventories fell 1.3 million barrels in the week ending March 15, the US Department of Energy reported.
Analysts had forecast a rise of 1.7 million barrels.
Manufacturing activity in China, the world’s largest energy user, improved this month after expanding at its slowest pace in four months in February, HSBC said today, lifting hopes for a pick-up in the world’s number two economy.
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