Oil prices dip on caution exercised by traders

22-Jul-09

New York's main futures contract, light sweet crude for delivery in August dipped to US$63.91 while Brent North Sea crude for September delivery dipped to US$66.3. Oil prices have dropped on caution exercised by traders as they took profits after recent gains. Settling equities and commodities markets have triggered the caution in the market. This is because, despite healthier Q2 earning report of US companies, there remains caution for the prospect of economic recovery.