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Oil prices ease after record rally as OPEC, IEA fret about demand

Brent futures fell 33 cents, or 0.5%, to settle at $61.14 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 44 cents, or 0.8%, to settle at $58.24.

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Both benchmarks closed on Wednesday at their highest levels since January 2020, and on Thursday remained in overbought territory with a Relative Strength Index (RSI) over 70 for an eighth day in a row

Reuters

3 min read Last Updated : Feb 12 2021 | 3:52 AM IST

Oil prices eased on Thursday, ending a record streak of gains, after both OPEC and the International Energy Agency (IEA) said renewed lockdowns and the emergence of new coronavirus variants reduced the prospect of a swift demand recovery.

Brent futures fell 33 cents, or 0.5%, to settle at $61.14 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 44 cents, or 0.8%, to settle at $58.24.

On Wednesday, Brent rose for its ninth straight session, tying the benchmark's record winning streak last hit in January 2019. It was also hit in April and September of 2007. WTI marked its

Topics : Crude Oil Price Crude Oil Prices OPEC

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