Oil prices dip after push toward $50

Oil prices dip after push toward $50

LONDON: World oil prices eased Tuesday after Brent crude had pushed close to $50 a barrel thanks to fading concerns about a long-standing supply glut.

Around 1130 GMT, US benchmark West Texas Intermediate (WTI) for delivery in June was down two cents at $47.70 a barrel.

Brent North Sea for July delivery dropped 30 cents to $48.67 compared with Monday’s close.

Brent had Monday reached $49.47 a barrel — the highest point since early November. WTI struck $48.42, a peak since mid-October, before profit-taking set in.

“A break above $50 in the next few days is very possible,” said BMI Research oil and gas analyst Peter Lee.

“In the second half of the year, oil is likely to hold between $45 to $50 a barrel,” he told AFP.

Prices are winning support from supply disruptions caused by wildfires in major crude producer Canada, as well as owing to armed attacks against oil facilities in Nigeria.

Source: http://www.dawn.com/news/1258947/oil-prices-dip-after-push-toward-50

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