SINGAPORE: Crude prices fell in Asia on Friday as traders took profits after a week of gains sparked by tensions in the Middle East and US stimulus hopes, analysts said.
New York's main contract, light sweet crude for August delivery, shed 56 cents to $92.10 a barrel in the afternoon and Brent North Sea crude for delivery in September slid 45 cents to $107.35.
Crude prices were winding down after soaring for most of the week, said Justin Harper, market strategist for IG Markets Singapore.
"They've come down a little bit because of the inevitable profit-taking," he told AFP.
"They have seen some solid gains in the last few days... so there will be a little bit of profit-taking at the end of this week," Harper added.
Crude had rallied for most of the week, first on assurances by the US Federal Reserve that they would intervene should the economy falter, and then on increasing tensions in Syria and Iran.
In late Thursday trade, crude surged more than $2.50 as fighting raged in Damascus, while China and Russia vetoed UN resolutions on the conflict.
Meanwhile, Israel accused Iran and Lebanese group Hezbollah of carrying out a suicide bomb attack that killed six Israeli tourists in Bulgaria.
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