Oil drifts away from 2015 maximums

Oil drifts away from 2015 maximums

On Friday, crude rebounded from 2015 peaks hit the previous session, suppressed by soaring American output as well as the anticipated January re-opening of the Forties pipeline located in the North Sea.

Dealt volumes of oil futures were going down rapidly as market participants closed their trading positions ahead of approaching Christmas and New Year breaks.

American West Texas Intermediate crude futures hit $58.15 a barrel, sliding 0.4% from their previous settlement.

Meanwhile, Brent crude futures demonstrated a reading of $64.64 a barrel, descending 0.3%.

On Thursday, Brent concluded at $64.90 a barrel, which is its highest value since June, 2015.

Friday’s sag was mostly driven an outlook for soaring supplies that provoked market participants to sell out of long trading positions ahead of year-end.

Another factor putting pressure on crude was the anticipated return of the 450,000 barrels a day by Forties pipeline system, situated in the North Sea.  

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