Crude oil drops on profit taking

Crude oil drops on profit taking

SINGAPORE: Profit taking tumbled crude oil prices in Asian trade Friday as traders turned their attention to next
week’s planned meeting of key producers.

At around 0320 GMT, the US benchmark West Texas Intermediate (WTI) was down 50 cents at $45.82 and
Brent dropped 37 cents to $47.28.

Both contracts booked solid gains over the previous two days — WTI surged 6.6 percent and Brent gained
3.9 percent — on data showing US commercial crude inventories fell more than six million barrels last week,
indicating strong strong demand in the world’s top oil consumer.

Oil prices plunged from peaks of more than $100 a barrel in mid-2014 to near 13-year lows below $30 in February as
supply outpaced demand.

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