Singapore : Oil prices dropped more than one percent as a bounce-back in U.S. production outweighed ongoing declines in crude inventories.
If Friday´s falls last, this week will see the biggest weekly price declines since October.
Brent crude futures were at $68.46 at 0259 GMT, down 85 cents, or 1.2 percent, from their last close.
On Monday, they hit their highest since December, 2014 at $70.37 a barrel.
U.S. West Texas Intermediate (WTI) crude futures were at $63.02 a barrel, down 93 cents, or 1.5 percent, from their last settlement.
U.S. West Texas IntermediateWTI marked a December-2014 peak of $64.89 a barrel on Tuesday.
Traders said the lower prices were prompted by a recovery in U.S. oil production after a recent drop, as well as by an expected fall in demand when winter ends in the northern hemisphere.
A representational image showing an oil refinery. — AFP/FileKARACHI: Pakistan Petroleum Limited has announced a...
P@SHA Chairman Zohaib Khan was the esteemed Chief Guest at Aptech 2023. — X/PASHAORG/FileKARACHI: Muhammad Zohaib...
PSX marked the listing of the Mahaana Islamic Index Exchange Traded Fund with a gong ceremony on April 23, 2024. —...
FPCCI Regional Chairman and VP Zaki Aijaz while speaking during a round table discussion on the challenges and...
This representational image shows Gold bars. — AFP/FileKARACHI: Gold prices in the local market fell by Rs7,800 per...
Security personnel walk past the US Federal Reserve building in Washington, DC on Oct 22, 2021. — AFPNew York:...