Oil prices re­treat on prof­ittak­ing

Asian Journal - - World -

New York: Oil prices pulled back from a two-day gain on Tues­day as traders warned that the prices surged too fast while fun­da­men­tal didn’t change much. The oil prices rose around 10 per­cent in the past two trad­ing days af­ter Saudi Ara­bia and Rus­sia have an­nounced that they would halt pro­duc­tion in­creases, and en­cour­age other ma­jor pro­duc­ers to fol­low the suit, Xin­hua news agency re­ported. An­a­lysts an­tic­i­pated that ma­jor US shale oil com­pa­nies would con­tinue to slash spend­ing. The US en­ergy firms cut oil rigs for the eleventh straight week, ac­cord­ing to data re­leased Fri­day by oil ser­vice com­pany Baker Hughes.

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