Oil falls as US inventory build prompts profit-taking - Business News| Latest News & Reviews On Financial Markets | Themarkettrendz

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Thursday, 20 January 2022

Oil falls as US inventory build prompts profit-taking

Oil prices plunged on Friday, after rising to seven-year highs this week, as an increase in U.S. crude and fuel stockpiles prompted investors to take profits from the rally. Brent crude futures dropped $2.46, or 2.8%, to $85.92 a barrel by 0136 GMT. The contract earlier fell by as much as 3%, the most since Dec. 20. The global benchmark touched $89.50 a barrel on Thursday, its highest since October 2014.

from Commodities-Markets-Economic Times
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