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1st LD Writethru: Oil prices retreat on profit-taking

Xinhua, March 9, 2016 Adjust font size:

Oil prices pulled back from a two-day gain on Tuesday as traders warned that the prices surged too fast while fundamental didn't change much.

The oil prices rose around 10 percent in the past two trading days after Saudi Arabia and Russia have announced that they would halt production increases, and encourage other major producers to follow the suit.

Analysts anticipated that major U.S. shale oil companies would continue to slash spending. U.S. energy firms cut oil rigs for the eleventh straight week, according to data released Friday by oil service company Baker Hughes.

The West Texas Intermediate for April delivery moved down 1.4 U.S. dollars to settle at 36.5 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 1.19 dollars to close at 39.65 dollars a barrel on the London ICE Futures Exchange. Endite