MTECHTIPS;-Oil eases on U.S. holiday after eight days of gains


MTECHTIPS;-Oil eases on U.S. holiday after eight days of gains

MTECHTIPS-Oil prices fell on Tuesday, as investors booked profits on an eight-day rally that was triggered by tentative signs that a persistent rise in U.S. crude production may be slowing. Brent crude futures (LCOc 1) fell by 15 cents to $49.53 per barrel by 1138 GMT. U.S. West Texas Intermediate (WTI) crude futures (CLc 1) were trading down 12 cents at $46.95 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, the market’s outlook has shifted somewhat. Late May and most of June were overwhelmingly bearish as U.S. output rose and doubts grew over the ability of the Organization of the Petroleum Exporting Countries (OPEC) to hold back enough production to tighten the market.

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