AFP, Singapore :
Oil prices fell in Asia Wednesday following a three-day rally as dealers were divided on whether the commodity has bottomed out after a plunge of nearly 60 percent since June, analysts said.
US benchmark West Texas Intermediate (WTI) for March delivery fell 68 cents to $52.37 while Brent crude for March eased 14 cents to $57.77 in afternoon trade.
WTI soared $3.48 to $53.05 Tuesday, its highest close since December 31, while Brent jumped $3.16 to $57.91, its best reading since December 30, as dealers cheered signs that the oil industry is tightening exploration activities to cap a supply glut.
Ken Hasegawa, an energy trading manager at Newedge Group in Tokyo, said the crude market was “extremely volatile” after the three-day rally that began Friday saw prices surge nearly 20 percent.
“It has become increasingly difficult to discern the direction of the prices of crude oil, but the fundamentals remain unchanged,” Hasegawa told AFP.
Oil prices fell in Asia Wednesday following a three-day rally as dealers were divided on whether the commodity has bottomed out after a plunge of nearly 60 percent since June, analysts said.
US benchmark West Texas Intermediate (WTI) for March delivery fell 68 cents to $52.37 while Brent crude for March eased 14 cents to $57.77 in afternoon trade.
WTI soared $3.48 to $53.05 Tuesday, its highest close since December 31, while Brent jumped $3.16 to $57.91, its best reading since December 30, as dealers cheered signs that the oil industry is tightening exploration activities to cap a supply glut.
Ken Hasegawa, an energy trading manager at Newedge Group in Tokyo, said the crude market was “extremely volatile” after the three-day rally that began Friday saw prices surge nearly 20 percent.
“It has become increasingly difficult to discern the direction of the prices of crude oil, but the fundamentals remain unchanged,” Hasegawa told AFP.
