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Thursday March 28, 2024

Oil declines

By our correspondents
October 21, 2016

Singapore

Oil prices fell on Thursday on profit-taking after markets rallied the previous day due to a draw in the United States stocks and an expectation of an OPEC-led reduction in production.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $51.26 per barrel at 0648 GMT, down 34 cents from their last close. International Brent crude futures were trading at $52.41 per barrel, down 26 cents.

Traders said that the price dips were a result of profit taking following a rally the previous day, which saw WTI settle at a 15-month high, fuelled by a reduction in U.S. crude stocks by 5.2 million barrels in the week ended Oct. 14 to 468.7 million barrels.

"Oil prices continued to rise overnight on optimism over OPEC supply restraint and weaker-than-expected inventories," ANZ bank said on Thursday.