Oil prices decline on profit-taking
Xinhua,March 27, 2018 Adjust font size:
NEW YORK, March 26 (Xinhua) -- Oil prices ended lower on Monday as investors took profits from recent gains.
Last week, Brent and WTI oil prices rose 6.4 percent and 5.7 percent, respectively, the strongest weekly gains since July. Oil prices were under pressure on Monday as investors cashed some profits from the rally.
Meanwhile, the rising U.S. rig count also weighed on the market. The number of rigs operating in U.S. oil fields increased by four to a total of 804 rigs this week, oilfield service firm Baker Hughes said in its weekly report on Friday.
The West Texas Intermediate for May delivery decreased 0.33 U.S. dollar to settle at 65.55 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 0.33 dollar to close at 70.12 dollars a barrel on the London ICE Futures Exchange. Enditem