Oil heads lower as investors take profits

A crude oil tanker at Qingdao Port, Shandong province, China. Picture: REUTERS/JASON LEE

Brent crude futures dropped $2.46, or 2.8%, to $85.92 a barrel by 1.36am GMT. The contract earlier fell by as much as 3%, the most since December 20. The global benchmark touched $89.50 a barrel on Thursday, its highest since October 2014. The recent rally in crude prices appeared to run out of steam on Thursday when Brent and WTI ended the trading session with slim losses. Both benchmarks have gained more than 10% so far this year amid concerns over tight supply.

Petrol inventories in the US, the world’s biggest oil consumer, rose by 5.9-million barrels, to their highest since February 2021, according to the US Energy Information Administration . Crude stockpiles rose by 515,000 barrels last week, against industry expectations.Falling equity markets also affected crude markets as investors have become increasingly worried about central banks raising interest rates this year to combat inflation, with the Nasdaq dropping 1.

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