Brent backs off three-week high, losses contained by North Sea strike
Brent fell off three-week highs in American trade on profit-taking, after OPEC's production rose in July, while losses were curbed by a labor strike in some UK oil fields in the North Sea.
As of 13:05 GMT, Brent fell to $75.20 a barrel from the opening of $75.42, with an intraday low at $75.05, and the highest since July 13 at $75.59.
Brent closed up 1.6% yesterday, the fourth profit in the last five days, and the largest since July 18.
Reuters reported initial data that showed OPEC's production rose by 70 thousand bpd to a total of 32.64 million bpd, the highest this year.
Otherwise, a labor strike in the UK cut off production in three fields belonging to Total in the North Sea, with no talks taking place currently to end the strike quickly.
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