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SINGAPORE, Nov 9, 2010 (AFP)
Crude was down in Asian trade Tuesday after prices hit two-year highs in overnight trade, analysts said.

New York’s main contract, light sweet crude for December delivery, dropped 18 cents to 86.88 dollars a barrel while Brent North Sea crude for December delivery fell five cents to 88.41 dollars.

Some investors chose to take profits after the New York contract rose to 87.49 dollars in intraday trade on Monday, its highest level since late 2008, analysts said.

“I think after the huge rise in prices to two-year peaks, some are taking profits,” said Ong Yi Ling, an investment analyst with Phillip Capital in Singapore.

A stronger greenback was also a factor as it makes dollar-priced oil more expensive for investors holding other currencies and tends to weaken their risk appetite for commodities including crude futures.

In afternoon Asian trade, the euro fell to 1.3865 dollars from 1.3917 dollars in US trade Monday.

Oil prices have been boosted in recent days by the US Federal Reserve’s decision to inject an additional 600 billion dollars into the market to help stimulate the world’s biggest economy.


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