Oil prices on Wednesday fell back from more than three-year highs reached the previous session as rising US fuel inventories and production weighed on an otherwise bullish market.
Brent crude oil futures were at $73.74 per barrel at 0238 GMT (8:08 am in India), down 12 cents from their last close and over $1.7 below the November-2014 high of $75.47 a barrel reached the previous day.
US West Texas Intermediate (WTI) futures were down 7 cents at $67.63 per barrel. That was also off the late-2014 highs of $69.56 a barrel marked earlier in April.
Despite Wednesday’s dips, which traders said were also a result of profit-taking after Tuesday’s highs, many analysts say the period of oversupply that started in 2014 has now ended due to supply disruptions and also strong demand. Read More
Latest posts by NDTV (see all)
- Railways To Produce Metro Rail Coaches Under Make In India Initiative - October 19, 2018
- Railways To Use Same Device Installed In Planes To Probe Accidents - October 15, 2018
- Indian Railways Luggage Rules: Free Allowance Limits And Other Details - October 15, 2018