Oil dips after 3-day rally, but support seen above US$50 per barrel

Kopitiam Bot

(Source: www.businesstimes.com.sg)

Oil prices eased on Friday as traders took profits following three days of straight gains on the expectation that an Opec-led crude supply cut that was initially supposed to only last for the first half of the year would be extended.

[SINGAPORE] Oil prices eased on Friday as traders took profits following three days of straight gains on the expectation that an Opec-led crude supply cut that was initially supposed to only last for the first half of the year would be extended.

Prices for front-month Brent crude futures, the international benchmark for oil, were at US$52.83 per barrel at 0134 GMT, down 13 US cents from their last close.

In the United States, West Texas Intermediate (WTI) crude futures were down 10 US cents at US$50.25 a barrel.

Despite Friday’s dips, crude prices remain over four per cent higher than they were at the start of…

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