Oil prices drop more than 3 per cent as investors take profits ~ Market Updates Tips Tricks Recommendations

Monday 31 August 2015

Oil prices drop more than 3 per cent as investors take profits

22:43

Unknown

No comments

Oil prices fell more than 3 per cent in early Asian trade on Tuesday, with investors taking profits after Brent and US crude soared over 8 per cent in the previous session.

Brent crude for October delivery had dropped $1.85 to $52.30 a barrel, or 3.4 per cent, as of 0030 GMT after climbing $4.10, or 8.2 per cent, in the previous session.

US crude for October delivery dropped $1.86, or 3.8 per cent, to $47.35 a barrel, after it settled up $3.98, or 8.8 per cent in the previous session.

US crude had climbed 27.5 per cent in three days of gains, the largest three-day increase in dollar terms since February 2011 and the biggest per centage increasesince August 1990.

US commercial crude stocks fell by 1.5 million barrels to 449.3 million barrels last week, according to a Reuters poll of analysts on Monday taken ahead of US industry and government data.

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

Connect with our social media sites