Oil prices eased after Brent touched $75 per barrel on Thursday for the first time in nearly six months on the suspension of some Russian crude exports to Europe as investors second-guessed the market’s ability to rally further.
Brent crude futures settled at $74.35, losing 22 cents, or 0.30 percent, after rallying for most of the day to a high of $75.60, the strongest since Oct. 31. U.S. West Texas Intermediate crude settled at $65.21 a barrel, falling 68 cents, or 1.03 percent, after hitting a session high of $66.28. Prices began to slip just before the settlement in a technical move, analysts said.
“I think the inability to hold $66 most of the day saw some of the late-comers give up the ghost, so it was really a technical move,” said John Kilduff, a partner at Again Capital LLC in New York. “There’s just some fatigue in this market after the spectacular gains.” Read More