By Henning Gloystein
SINGAPORE, Sept 22 (Reuters) - Crude oil prices fell in
early Asian trading as traders took profit following a 4 percent
rise in the previous session.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
trading at $46.23 per barrel at 0024 GMT, down 45 cents from
their last settlement. Globally traded Brent futures LCOc1
were at $48.51 per barrel, down 41 cents.
The dip in prices came after oil rallied on Monday, with U.S
crude surging more than 4 percent on signs of declining
stockpiles and a fall in drilling activity, which implies lower
future oil production.
A Reuters poll on Monday forecast that U.S. crude
inventories as a whole fell by 2.1 million barrels last week.
EIA/S
Traders also focused on the soon-to-expire front-month
contract in the West Texas Intermediate (WTI), which serves as
the U.S. benchmark. WTI's October contract CLV5 will go off
the NYMEX board after Tuesday's settlement, and November CLX5
will move up as the front-month.
"After yesterday's rises, a bit of selling off this morning
doesn't come as a surprise. But I wouldn't read too much into
the price moves as the roll-over skews the picture somewhat,"
one trader said.
"I'd wait for a new set of market relevant data to come out
to make a new call," he added.
(Editing by Michael Perry)