Oil prices dip on doubts that recent rally will last

4 Oct 2017   Prices

Oil prices fell on Wednesday, pulled down by caution that a rally that lasted for most of the third quarter would not extend through the last three months of the year. U.S. West Texas Intermediate crude futures CLc1 were at $50.10 per barrel at 0843 GMT, down 32 cents from their last close. They fell below $50 earlier in the session. Brent crude futures LCOc1 were down 47 cents at $55.53 a barrel. The fall came amid market speculation that a third-quarter rally that lifted Brent to mid-2015 highs by late September had been overdone. A resumption in output at Libya’s Sharara oilfield added to the concerns. “Fundamentals may not yet be strong enough to support a continued rally, especially in growth-dependent […]

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