Economic news

Oil moves down after reaching high levels of early February

Prices of oil moved down today due to profit-taking by investors following enlivening of this week, however the greater fall was prevented by the continued campaign of restricting supply by OPEC and Russia.

Brent futures receded to $68.86 for a barrel, losing 61 cents, after going up to intra-day maximum of $69.70, which is close to the highest mark since the beginning of last month.

U.S. WTI futures dropped to $64.60, 57 cents down from the last end of session.

Prices of oil have climbed by around 10% over the last couple of weeks, pushed up by a low dollar and Middle East tensions, which caused worries of possible supply disruptions, while OPEC is already limiting supplies.

Yesterday prices added the biggest in a day since November in the wake of a surprise slump in U.S. inventories.

Ole Hansen of Saxo Bank says that there is a new bullish trend in the market and the intention is to get even more profit, but it seem to be still early and now it’s only a reality check.

U.S. inventories C-STK-T-EIA dropped to 428.31 mln barrels, losing 2.6 mln over the week to March 16, as yesterday’s data by the Energy Information Administration of the U.S shows.

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