WASHINGTON (dpa-AFX) - Oil prices dropped on Friday, retreading from multi-month highs, due largely to profit taking after recent strong gains amid a forecast from the International Energy Agency that inventories will drop this year.
The IEA had said earlier this week that inventories will see a fall this year due to the decision of the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, to extend production cuts into the second quarter.
Concerns about supply disruptions due the tensions in the Middle East, and the drone attacks by Ukraine on Russian oil refineries, also contributed to the rise in oil prices in recent sessions.
West Texas Intermediate Crude oil futures for April ended down by $0.22 at $81.04 a barrel.
Brent crude futures were down $0.19 or 0.26% at 85.20 a barrel a little while ago.
The dollar's rise since Thursday amid fading hopes about an imminent interest rate cut by the Federal Reserve following hotter than expected inflation data weighed a bit on oil prices.
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