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Oil Prices Soften on Profit Taking After Hitting 2016 Highs

Posted by Chris Advincula on Jun 9, 2016 6:08:43 AM

(Jun 9 Reuters) Oil prices edged lower on Thursday as traders took profits after three sessions of gains, though prices remained closer to their highest this year thanks to a fall in U.S. crude inventories and supply disruptions.

International Brent crude oil futures traded 13 cents a barrel lower at $52.38 a barrel at 0845 GMT, after setting a 2016 high of $52.86 a barrel earlier in the session. U.S. crude fell by 5 cents a barrel to $51.20 after also hitting a new 2016 high at $51.67.

"While we're above $50 a barrel, momentum still remains fairly positive and what we've just seen today is a little bit of profit taking after three consecutive days of gains," CMC Markets chief market analyst Michael Hewson said.

Oil prices gained ground after data on Wednesday from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks last week fell 3.23 million barrels to 532.5 million, the third consecutive weekly fall.

Click on the link below to see the full story from Reuters: (by Ahmad Ghaddar)

Oil prices soften on profit taking after hitting 2016 highs



Topics: commodities, crude oil, WTI, Fundamentals, Brent


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