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