Oil prices drop amid profit-taking
Oil prices declined on Thursday, snapping a three-day winning
streak, Trend reports
The West Texas Intermediate for May delivery dropped 94 cents,
or 1.33 percent, to settle at 69.96 U.S. dollars a barrel on the
New York Mercantile Exchange. Brent crude for May delivery lost 78
cents, or 1.02 percent, to close at 75.91 dollars a barrel on the
London ICE Futures Exchange.
The retreat came as “traders took profits after the strong
rebound,” Vladimir Zernov, analyst with market information supplier
FX Empire, said on Thursday.
Oil participants continued to digest data on U.S. fuel
The U.S. Energy Information Administration reported Wednesday
that the country’s crude oil inventories increased by 1.1 million
barrels during the week ending March 17.