Singapore : Oil prices gave away earlier gains on Wednesday as analysts warned of a downward correction after prices have gained more than 13 percent over the past month.
Despite the decline, overall oil markets remained well supported on the back of tightening supply and strong global demand.
The tighter fundamentals lifted both crude futures benchmarks about 13 percent above levels in early December, helped by production curbs by OPEC and Russia, as well as by healthy demand growth.
Brent crude futures were at $69.07 a barrel at 0441 GMT, down from a high of $69.37 earlier in the day and 18 cents below their last close.
Brent on Monday rose to $70.37 a barrel, its highest since December 2014, which was the beginning of a three-year oil price slump.
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