UPDATED 7:15 AM EST, November 30, 2012
Benchmark crude for January delivery was down 36 cents to $87.72 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $1.58 to close at $88.07 on the Nymex on Thursday.
"Some traders and investors in the market fear that the gains (in prices) over the last few days have been excessive, given the weak fundamentals in oil markets," said Victor Shum, energy analyst at consultancy Purvin & Gertz in Singapore. "It's really profit-taking."
