Oil prices are retreating from the strong gains of more than USD 3 posted by both Brent and WTI in the previous session, but continued supply concerns together with an expected drop in crude stocks may limit losses on Wednesday.
The front month contract for Brent crude North Sea oil was last seen USD 0.61 lower day on day at USD 100.07/bbl on the Ice exchange.
On Nymex, the corresponding WTI crude oil contract was last seen down USD 0.58 at USD 87.08/bbl.
"The gains [from Tuesday] look a bit overdone,” one trader said, adding players are taking profit from the contracts' st
Mittwoch, 4.07.2012, 08:38 Uhr
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