NEW YORK: Oil prices dropped off three-year highs on Tuesday as traders booked profits but healthy demand underpinned prices near $70 per barrel, a level not seen since the market slump in 2014.
Prices have been driven up by oil production curbs in Opec nations and Russia, and demand amid healthy economic growth.
Imports to India, the world’s third-biggest oil consumer, rose by about 1.8 per cent in 2017 to a record 4.37 million barrels per day (bpd) as the country boosted purchases to feed its expanded refining capacity.
Brent futures fell $1.11, or 1.6 per cent, to settle at $69.15 a barrel after hitting a session low of $68.83.
The global benchmark hit a peak of $70.37 on Monday, matching a high from December 2014 at the start of a three-year market decline.
US West Texas Intermediate (WTI) crude futures ended at $63.73 a barrel, down 57 cents, or 0.9 per cent.
WTI hit a December 2014 peak of $64.89 earlier in the session.
“It’s such a quiet day. I think this is a pause as you try and decide what the rise in rig counts means and what the Russia comments mean,” said Rob Haworth, senior investment strategist at US Bank Wealth Management. — Reuters
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