Oil prices fall ahead of U.S. holiday after eight days of gains

4 Jul 2017   Prices

An oil well pump jack is seen at an oil field supply yard near Denver, Colorado, U.S., February 2, 2015. Oil prices retreated in early Asian trade on Tuesday, halting a run of eight straight days of gains on signs that a relentless rise in U.S. crude production is running out of steam. Brent crude futures fell 27 cents, or 0.5 percent, to $49.41 per barrel by 0354 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading down 24 cents, or 0.5 percent, at $46.83 a barrel. The falls came after both benchmarks recovered around 12 percent from their recent lows on June 21. Many traders closed positions ahead of the U.S. Independence Day holiday on July 4, while Brent also faced technical resistance as it approached $50 per barrel, traders said. Despite this, market sentiment has shifted somewhat. Late May and most of June were overwhelmingly bearish […]

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