Oil prices retreat on profittaking
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.