Crude prices fall on profit-taking, U.S. inventory buildup

Crude prices fell on Friday ahead of the weekend on profit-taking that nudged prices lower, specially as the dollar rebounded versus a basket of major rivals, hurting crude prices further.
 
U.S. crude futures last traded at $53.99 a barrel, down from the opening price of $54.35, with a session-high at $54.48, and a low at $53.73.
 
Crude prices rose this week to a seven-week high, triggering profit-taking operations that forced prices to trim their weekly gains.
 
The Energy Information Administration's report showed a rise in crude stocks for the seventh weekly in a row, indicating oversupply in the markets, as U.S. shale production increases.
 
Crude's losses today comes ahead of U.S. oil rigs data for last week, raising pressure on prices due to expectations of another weekly rise as U.S. production increases offset OPEC's output cuts.