Singapore — Oil prices fell on Friday, dropping away from highs last seen in 2015, as soaring production in the US undermined the 10% rally from lows hit in December that was driven by tightening supply and political tensions in Opec member Iran. US West Texas Intermediate (WTI) crude futures were at $61.92 a barrel at 3.13am GMT, nine US cents below their last close though still near the $62.21 high reached the previous day, which was the most since May 2015. Brent crude futures were at $67.96 a barrel, 11c below their last settlement, but still not far off the $68.27 high from the day before, also the highest since May 2015. Traders said political tension in Iran, the third-largest producer in oil cartel Opec, had pushed prices higher. "The protests in Iran add more fuel to the already bullish oil market mood," said Norbert Ruecker, head of commodity research at Swiss bank Julius Baer. Oil prices have received general support by production cuts led by Opec and by Russia, which sta...
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