Singapore — Oil prices fell on Thursday, giving up some of the recent strong gains on profit-taking and speculation that the market’s strength could tempt producers such as Saudi Arabia to reduce output by less.
Brent crude fell 40 US cents, or 0.7%, to $61.07 a barrel, as of 3.50am GMT, after touching its highest level since January 2020 on Wednesday, after a strong run in recent days driven by the oil cartel Opec and its allies, known as Opec+, agreed output cuts and vaccine rollouts that fired up hopes of a recovery in demand...
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