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    Oil prices dip amid profit taking


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    NEW YORK, July 10 (Xinhua) — The prices of crude oil futures declined on Monday as investors sought to take profits after a significant growth in previous sessions.

    The West Texas Intermediate (WTI) for August delivery experienced a drop of 87 cents, representing a 1.18 percent decrease, settling at $72.99 per barrel on the New York Mercantile Exchange. Meanwhile, Brent crude for September delivery lost 78 cents, or 0.99 percent, to settle at $77.69 per barrel on the London ICE Futures Exchange.

    Vladimir Zernov, an analyst with market information supplier FX Empire, attributed the pull back of WTI oil to traders cashing in some profits near the high end of the multi-month trading range. In the previous three sessions, WTI oil had grown by over 5 percent, reaching its highest level since May 25.

    Edward Moya, a senior market analyst at OANDA, a supplier of online multi-asset trading services, expressed concerns that crude prices were weakening due to mounting worries about the global growth outlook. Moya also noted that the situation could be exacerbated if inflation readings in the United States support the case for further rate hikes, while euro area industrial production remains lackluster.

    In line with Moya’s thoughts, San Francisco Federal Reserve President Mary Daly stated on Monday that she believes a couple of more rate hikes would be necessary to combat inflation. This further suggests that oil could face challenges in the week ahead.

    Credit: The Star : News Feed

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