Oil prices fell in Asia on profit-taking Friday following two days of gains, but analysts suggested there could be some extra gains after recently falling below $40 a barrel.
The losses come despite a rally across regional stock markets after the Bank of England announced an interest rate cut — the first since 2009 — and surprise stimulus to shore up the economy following Britain’s vote to leave the EU.
At about 0720 GMT, US benchmark West Texas Intermediate was down 29 cents, or 0.69 percent, at $41.64 and Brent was 33 cents, or 0.75 percent, down at $43.96.
The commodity rose around six percent over Wednesday and Thursday after an energy report showing US gasoline stockpiles had slipped last week.
However, the gains came after both contracts had fallen into a bear market, having lost 20 percent from recent highs above the $50 seen in early June.
Prices dropped below $40 a barrel on Monday, the first time since April.
read more on https://www.today.ng/business/162925/oil-prices-profit
Post a Comment