Oil prices ease in Asian trade

SINGAPORE — World oil prices eased further on Tuesday, trading near 123 dollars a barrel as profit taking helped to cool a red-hot market, analysts said.
Crude oil prices have more than doubled in the past year and rocketed about 25 percent since the start of 2008, when they broke the 100-dollar barrier.
"Oil prices have simply risen too far and too fast over a short period of time with really no reasons driving the rally, other than investor and technical interest," said Victor Shum, an analyst at Purvin and Gertz energy consultancy in Singapore.
New York's main oil futures contract, light sweet crude for June delivery, was 90 cents lower at 123.33 dollars from 124.23 dollars at the close of trading in New York on Monday....