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Oil falls as U.S. inventory build prompts profit-taking

21 January 2022 08:05 (UTC +04:00)

Oil prices plunged on Friday, after rising to seven-year highs this week, as an increase in U.S. crude and fuel stockpiles prompted investors to take profits from the rally, APA reports quoting Reuters.

Brent crude futures dropped $2.46, or 2.8%, to $85.92 a barrel by 0136 GMT. The contract earlier fell by as much as 3%, the most since Dec. 20. The global benchmark touched $89.50 a barrel on Thursday, its highest since October 2014.

U.S. West Texas Intermediate (WTI) crude futures slid $2.61, or 3.1%, to $82.94 a barrel. The contract earlier fell as much as 3.2%, also the most since Dec. 20, after rising to its highest since October 2014 on Wednesday.