Friday, March 31 2006 11:00 Hrs (IST) - World Time -

Singapore: Oil prices eased in Asian trade today (Mar 31, 2006) on by profit taking after a week of huge gains, dealers said.

At 11:23 am (local time) New York's main contract, light sweet crude for delivery in May, was down 26 cents to 66.89 dollars a barrel from 67.15 dollars in the US yesterday, its highest level in almost two months.

Tetsu Emori, chief commodities strategist with Mitsui Bussan Futures, said, The market feels crude and gasoline prices are a little overboard so they are taking profit."

Crude futures spiked this week after fresh tensions in Nigeria and Iran raised concerns over global crude supply and US inventory figures showed a sharp fall in gasoline (petrol) stocks.

The drop comes at an especially crucial time when many US motorists prepare to take to the road for their vacations.