Oil prices below $67 on drop in US stockpiles

Oil prices edged down on Friday after another rally that came on the back of the first drop in US stockpiles for six months as well as a weaker dollar.

US benchmark West Texas Intermediate for June delivery fell three cents to $59.60 a barrel, while Brent for June eased 18 cents to $66.60. However, trading was quiet with most Asian markets closed for public holidays.

On Thursday WTI jumped $1.05 and Brent gained 94 cents.

The latest jump came after Wednesday’s US Department of Energy inventory report, which showed a 500,000 barrel drop in petroleum stocks to 61.7 million barrels at the key Cushing, Oklahoma trading hub.

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Posted in: Indian Market Tips