Oil prices retreat after recent solid gains

GMT 01:09 2016 Friday ,10 June

Arab Today, arab today Oil prices retreat after recent solid gains

oil prices
New york - Xinhua

 Oil prices snapped a three-day winning streak to end lower Thursday as traders were looking for excuses to lock in profits.

On Wednesday, oil prices jumped for a third straight day, with U.S. oil settling above 51 U.S. dollars a barrel for the first time since July 2015, after official data showed a larger-than-expected drop in U.S. crude stocks.

Oil prices have surged about 90 percent from a multi-year low in February on a continued slide in sthe U.S. output and unexpected disruptions.

A stronger U.S. dollar also dampened investor sentiment, which made the dollar-denominated oil less attractive for holders of other currencies. The dollar index, which measures the greenback against six major peers, was up 0.41 percent at 93.977 in late New York trading Thursday.

The West Texas Intermediate for July delivery fell 67 cents to settle at 50.56 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery lost 56 cents to close at 51.95 dollars a barrel on the London ICE Futures Exchange

source : xinhua 

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