Oil little changed on profit-taking and concern over supply disruptions
New York — Oil prices were little changed on Tuesday as investors took profit following last week’s rally above three-year highs, with prices supported by growing concern over the potential for supply disruptions. Brent crude oil futures were down 9c at $71.33 a barrel by 3.50pm GMT, having come off an earlier high of $71.89, while US crude futures slipped 8c to $66.14. "We’re starting to see a little of the premium come off from geopolitics, and the focus is shifting to inventories," said Bill Baruch, president of Blue Line Futures in Chicago. Brent has risen 1.4% so far this month. It hit a peak last week of $73.09, the highest since late 2014, amid mounting tensions in the Middle East, the possibility of renewed US sanctions against Iran and falling output in Venezuela, where economic crisis has dragged down oil output to multi-year lows. "The rally upwards was purely on geopolitical risk and if now we haven’t had any further stimulus, we’re seeing prices slip off a bit," Natixis...
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