Oil 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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