SINGAPORE, Jul 14, 2010 (AFP) - Oil prices turned lower in afternoon Asian trade on Wednesday, reversing earlier gains as traders took profit from the market, analysts said.
New York's main contract, light sweet crude for delivery in August, slid 15 cents to 77.00 dollars a barrel.
Brent North Sea crude for August delivery shed 20 cents to 76.45 dollars.
Oil markets dipped slightly as investors took profit after prices rose in the morning, analysts said.
"The pullback is not really very significant," said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.
"I would attribute this fall to some profit-taking while the equities markets continue to provide strong support for oil," he added.
Asia-Pacific stocks surged Wednesday on relief at positive US corporate earnings and greater optimism about Europe, with major bourses posting gains in the morning.
"Risks facing the oil market have really been the demand situation... there is a lot of supply. The fundamentals remain weak even though the fundamentals are improving very slowly," he warned.
"The fundamentals don't support a big rally in oil pricing" in the near term, Shum added.
