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Profit-taking ends 7-day rally

03/12/2007
By NINA RACH
Energy prices slipped in profit-taking Mar. 2, ending a 7-day rally of consecutive gains on the New York market that had not been matched “since last year early in the summer,” said Olivier Jakob, managing director of Petromatrix GMBH, Zug, Switzerland.The April contract for benchmark US light, sweet crudes dipped by 36¢ to $61.64/bbl Mar. 2 on the New York Mercantile Exchange yet still ended the session 1% higher than where it opened at the beginning of the week. Earlier, the front-month contract broke the $62/bbl barrier to an intraday trading high of $62.49/bbl on Mar. 1. The April contract for reformulated blendstock for oxygenate blending (RBOB) was down 0.83¢ t...
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