Crude fell in Asia today as traders took profits following rallies with all eyes focused on the outcome of the knife-edge US presidential election, analysts said.
New York’s main contract, light sweet crude for delivery in December, fell 65 cents to $88.06 a barrel and Brent North Sea crude for December delivery shed 43 cents to $110.64.
Crude traders were engaging in “some profit-taking after the highs yesterday,” said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.
“Yesterday in the US oil futures surged ahead quite a bit... and so we see some pullback this morning,” he said.
“I think the outcome of the US presidential election will create some certainty no matter who wins and that will help market sentiment.”
Crude prices in the United States and on the Brent index soared more than three dollars late Tuesday as traders tracked the tight race between President Barack Obama and Republican challenger Mitt Romney.
The two candidates were girding for the dramatic first results from key swing states that will decide the winner.