US oil prices retreat on profit taking

GMT 04:26 2015 Saturday ,25 April

Arab Today, arab today US oil prices retreat on profit taking

US oil prices dropped on Friday
New York - XINHUA

U.S. oil prices dropped on Friday on profit taking after a sharp rise the previous day.

Oil prices jumped Thursday amid geopolitical tensions in the Middle East, when Saudi Arabia and its allies resumed air strikes on Huthi rebels in Yemen.

Yemen borders top oil producer Saudi Arabia. The geopolitical risk in Yemen continued to support the Brent oil, which is more sensitive to global supplies.

U.S. rig count continued to drop this week. Analysts believed that low crude prices forced U.S. shale oil producers to slow down the output.

The number of U.S. rigs actively drilling for oil and natural gas of the week ending April 24, lost 22 to 932, reported oil service company Baker Hughes Friday.

Traders also paid close look at Greece talks. Greece is willing to make compromises to reach a deal on its debt, Finance Minister Yanis Varoufakis said on Friday after tense talks with his eurozone peers on the issue.

Light, sweet crude for June delivery lost 59 cents to settle at 57.15 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery moved up 43 cents to close at 65.28 dollars a barrel.

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