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Oil prices fall on profit-taking

Xinhua, April 12, 2017 Adjust font size:

Oil prices declined Wednesday as investors were looking for excuses to lock in gains after recent surges.

On Tuesday, oil prices extended its winning streak to a sixth straight day, with U.S. oil touching the highest level since March 7, after Saudi Arabia expressed willingness to extend an output cut deal.

Meanwhile, the Energy Information Administration (EIA) said in its weekly report on Wednesday that crude inventories fell 2.2 million barrels last week to 533.4 million barrels.

The West Texas Intermediate for May delivery decreased 0.29 U.S. dollar to settle at 53.11 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery fell 0.37 dollar to close at 55.86 dollars a barrel on the London ICE Futures Exchange. Enditem