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Crude Oil Falls amid Profit-Taking

December 27, 2017 at 17:35 by Vladimir Vyun

Crude oil fell today, though prices were still hanging near the highest level since mid-2015. Analysts explained the drop by profit-taking after the previous rally.

Futures for crude rallied previously on the news about an explosion at the Libyan pipeline. It followed the unexpected shutdown of the North Sea Forties pipeline. The latest reports showed, though, that the Forties pipeline is returning to normal operation steadily.

The Energy Information Administration will release this year’s last report about US crude oil inventories tomorrow. The previous release showed a substantial drop of the reserves by 6.5 million barrels.

February contract for delivery of crude dropped 0.82% to $59.48 per barrel as of 17:29 GMT on NYMEX today. Contract for Brent crude declined 0.72% to $66.30 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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