Singapore — Oil prices gave away earlier gains on Wednesday as analysts warned of a downward correction, with prices having gained more than 13% over the past month. Despite the decline, overall oil markets remained well supported by tightening supply and strong global demand. The tighter fundamentals lifted both crude futures benchmarks about 13% above levels in early December, helped by production curbs by Opec and Russia, as well as healthy demand growth. Brent crude futures were at $69.07 a barrel at 4.41am GMT, down from a high of $69.37 earlier in the day and 18c below their last close. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, which was the beginning of a three-year oil price slump. US West Texas Intermediate (WTI) crude futures were at $63.68 a barrel, down 5c from their last settlement. WTI rose to $64.89 on Tuesday, also the highest since December 2014. Norbert Ruecker, head of commodity research at Swiss bank Julius Baer, said a price "corr...
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