Oil prices pulled back Friday as traders paused what has shaped up as the longest bull run in about a year for the international benchmark and an even bigger feat for the U.S. market, after prices scored six-month highs earlier this week.
U.S.-based West Texas Intermediate crude for June delivery fell $1.17, or 1.8%, to $64.05 a barrel on the New York Mercantile Exchange. WTI on Tuesday scratched $66.30, the highest settlement for a front-month contract since Oct. 29, FactSet data show, before the market turned south for consecutive sessions.
June Brent crude the global benchmark, fell $1.46, or 2%, at $72.89 a barrel on ICE Futures Europe. Before Thursday’s drop, front-month contract prices for the global benchmark climbed in each of the previous four sessions and settled Wednesday at the highest since late October. Brent crude, up 1.3% for the week, is headed for a fifth weekly gain in a row, the best run in the past year.
Source : Marketwatch