Oil down 2% ahead of long US Memorial Day weekend

Oil fell about 2 per cent on Friday as a rallying dollar and profit-taking ahead of a long US holiday weekend cut short a two-day run-up in crude prices.

Heating oil, a proxy play for diesel, also fell almost lost 2 per cent while gasoline lost more than 1 per cent on concerns of outsized US supply despite forecasts for a spike in driving this weekend and through Monday’s Memorial Day holiday.

US crude settled down $1, or 1.7 per cent, at $59.72. It rose 3 cents for the week though, extending weekly gains for a 10th straight week.

North Sea Brent oil, a more widely referenced benchmark, settled down $1.17, or 1.8 per cent, at $65.37 a barrel. Brent fell 2.1 per cent on the week.

Real Time News & Trading Trends Keep Liking #EpicResearch

Facebook – Twitter – YouTube – Pinterest –Linkedin – Google+

For more information ✆ – 0731-6642300 or Visit http://ift.tt/1k8NnLH

Posted in: Indian Market Tips