Singapore/London — Oil prices fell on Friday, dropping from highs last seen in 2015, as soaring US production undermined a 10% rally from December lows that were driven by tightening supply and political tensions in oil cartel Opec member Iran. US West Texas Intermediate (WTI) crude futures were at $61.43 a barrel by 11.40am GMT. That was 58c, or 1%, below their last close. WTI hit $62.21 the previous day, which was its strongest since May, 2015. Brent crude futures lost 65 cents, or 1%, to $67.42. The previous day it touched $68.27, also the highest since May 2015. Traders said political tensions in Iran, the third-largest producer in Opec, had pushed prices higher. "The protests in Iran add more fuel to the already bullish oil market mood," said Norbert Rücker, head of commodity research at Swiss bank Julius Baer. Oil prices have received general support from production cuts led by Opec and Russia, which started in January last year and are set to last through 2018, as well as fro...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.