BLBG: Oil Falls After Stalling at Highest Level Since September 2008
Crude oil fell from the highest price in 31 months in New York after failing to maintain gains through a technical resistance level.
Oil slipped as much as 1.1 percent after reaching $113.48 a barrel, the highest price since Sept. 2, 2008. The gain breached a previous high of $113.46 set April 11.
“We hit that high, and people said that’s as high as we’re going to go today, so I’m going to take my profits,” said Carl Larry, president of Oil Outlook & Opinions LLC in Houston.
Oil for June delivery tumbled 87 cents, or 0.8 percent, to $111.42 a barrel at 10:15 a.m. on the New York Mercantile Exchange. Futures have risen 31 percent in the past year.
Brent crude oil for June settlement fell 94 cents, or 0.8 percent, to $123.05 a barrel on the London-based ICE Futures Europe exchange. Most European countries have a public holiday today for Easter Monday.
To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net.
To contact the editor responsible for this story: Bill Banker at bbanker@bloomberg.net.
