Oil prices dip away from its highest as rising US output drags on market

 

Commodity Intraday TipsOil prices on Friday dipped away from some of its highest peaks since 2015, weighed down by rising U.S output and the likely January re-opening of the Forties pipeline in the North Sea. The drop, however, came as crude future volumes fell significantly as traders closed positions before the approaching Christmas & New Year breaks.

WTI crude futures were at USD 58.18 per barrel, down 0.3%, from their last settlement. The international Brent crude futures for oil prices were at USD 64.75 per barrel, down 0.2%. Traders attribute, that the dip on Friday was on account of an outlook for rising supplies that set off those holding long positions to sell-out ahead of the year-end holidays.

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