New York — Oil prices fell about 1% on Thursday as investors took profits after this week’s rally, but losses were limited by the continuing efforts of oil cartel Opec and its allies to curb supplies. Brent crude futures were 55c lower at $68.92 a barrel, a 0.8% loss, by 3.44pm GMT having retreated from a session peak of $69.70, close to its highest level since early February. US West Texas Intermediate (WTI) crude futures fell 73c, or 1.1%, to $64.44 a barrel, after hitting a session high of $65.74. Oil prices have risen nearly 10% in the past two weeks, boosted by a weaker dollar and tensions between Iran and Saudi Arabia that raised concern about Middle East supplies already restricted by the Opec-led production pact. Prices recorded their biggest one-day gain since November on Wednesday after an unexpected drop in US crude inventories. "Ahead of that $66 level in WTI, there’s some profit-taking to test whether you’re really in a new technical uptrend or if you’re still in a trad...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.