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Oil prices fall after recent rally

Xinhua,December 28, 2017 Adjust font size:

NEW YORK, Dec. 27 (Xinhua) -- Oil prices fell on Wednesday after hitting two-and-a-half year highs in the previous session.

Oil prices surged on Tuesday, in the wake of news of an explosion on a Libyan oil pipeline.

Unknown gunmen on Tuesday blew up an oil pipeline in eastern Libya, causing a possible drop of crude oil production of 70,000 to 100,000 barrels per day, according to the state-owned National Oil Corporation.

Oil prices soared to two-and-a-half year highs after the news on Tuesday. But analysts said the rally was gradually running out of steam and the market was seeing a little bit of profit-taking.

The West Texas Intermediate for February delivery decreased 0.33 U.S. dollar to settle at 59.64 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery lost 0.58 dollar to close at 66.44 dollars a barrel on the London ICE Futures Exchange. Enditem

 

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