Traders were clearly in a profit-taking mood yesterday, after crude soared by nearly 5% last week.

Oil is “getting heavy after last week,” said John Kilduff, of MF Global. “We saw parabolic action [last week] and signs that we may have made a top.”

The market shrugged off supply concerns. In early Tuesday in electronic trading, oil topped $133 a barrel after Royal Dutch Shell confirmed an attack on one of its pipelines claimed by a separatist group in the key Niger Delta. Shell said some production had been stopped to contain an oil spill.

Also ignored was a report that Iran’s exports fell by about 200,000 barrels per day, through the period ended May 20, with the National Iranian Oil company saying the phenomenon was seasonal and was to be made up later.

Source: Crude Retreats