Oil falls off three-month highs on profit-taking

Economies.com
2019-02-19 10:21AM UTC

Oil prices fell in European trade for the first time in three months on profit-taking amid concerns of weak demand this year, while investors follow US-China trade talks closely. 

 

As of 10:05 GMT, US crude fell to $56.35 a barrel, while Brent fell to $66.15 a barrel from the opening of $66.40. 

 

US crude added 0.5% yesterday, the fifth profit in a row, marking three-month highs at $56.71, while Brent rose 0.3%. 

 

Oil marked a 6.5% profit last week, the second weekly profit in three, and the largest since June 2018. 

 

President Trump said he'd be happy to cancel tariffs if a deal is reached with China, adding his administration is nearer that goal than ever. 

 

Chinese President Xi Jinping also said the talks will carry on in Washington this week, hoping for an agreement soon before the truce deadline in early March. 

 

US Oil Rigs 

 

Baker Hughes reported an increase of 3 rigs last week to 857 rigs in the week ending February 15 away from ten-month lows as output steadied at a record 11.9 million bpd. 

 

The EIA reported another record output in shale output at 8.179 million bpd. 

 

Brent futures due in April rose 0.1% to $66.3 a barrel, with a session-high at $66.8, and a low at $65.9. 

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