Oil prices fell on Thursday, after rising to five-month highs earlier this week on OPEC-led production cuts and free-falling Venezuelan output.
U.S. West Texas Intermediate crude oil futures settled $1.03 lower on Thursday, falling 1.6% to $63.58 per barrel. Earlier this week, WTI hit $64.79, its highest level since Nov. 1.
International benchmark Brent futures were down 85 cents, or 1.2%, at $70.88 a barrel around 2:30 p.m. ET. Brent hit a high going back to Nov. 12 at $71.78 on Wednesday.
Selling accelerated Thursday morning as U.S. crude dropped below $63.71 a barrel, a technically-significant level at which some funds had stops in place, triggering automatic sales, said Bob Yawger, director of energy futures at Mizuho in New York.
Source : Reuters