U.S. crude futures turn lower, Brent pares gain

NEW YORK Thu Aug 23, 2012 1:15pm EDT

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NEW YORK Aug 23 (Reuters) - U.S. crude futures turned lower and Brent pared gains on Thursday, with traders citing technical signals of an overdone move to the upside for the U.S. crude contract after it reached its highest since early May.

U.S. October crude was down 47 cents at $96.79 a barrel by 1:09 p.m. EDT (1709 GMT), having slipped to $96.72, just under the 200-day moving average. It earlier reached $98.29.

Brent October crude was up 27 cents at $115.18, after reaching $116.38. (Reporting by Robert Gibbons; Editing by Dale Hudson)

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