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Oil prices change a little

03 June 2009 07:34 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Crude oil fell in New York as traders sold contracts to lock in gains after prices reached a seven- month high yesterday when investors sought commodities as a hedge against inflation, Bloomberg reports.

Crude oil for July delivery fell as much as 57 cents, or 0.8 percent, to $67.98 a barrel on the New York Mercantile Exchange. It was at $68.32 a barrel at 10:32 a.m. Singapore time. The contract fell 3 cents yesterday to settle at $68.55 a barrel. Prices are up 53 percent this year.

Brent crude for July fell as much as 44 cents, or 0.7 percent, to $67.73 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $68 a barrel at 10:40 a.m. in Singapore. Yesterday, it rose 20 cents, or 0.3 percent, to $68.17 a barrel, the highest settlement since Oct. 21.