Oil falls below 65 dollars in Asian trade

Sunday, May 31, 2009 at 1:00 am

SINGAPORE: Oil prices fell in Asian trade Friday after touching new six-month highs overnight on an unexpected big drop in US crude reserves, analysts said.

New York”s main contract, light sweet crude for July delivery, dropped 36 cents to 64.72 dollars a barrel. Brent North Sea crude for July delivery was off 39 cents to 64 dollars.

Crude prices have surged in recent days on growing optimism energy demand would pick up on hopes that the US economy is on the mend, analysts said.