Oil drops after strong rally, demand hopes limit losses

Oil drops after strong rally, demand hopes limit losses
  • Clock-gray 08:11
  • calendar-gray 11 February 2021

Oil prices fell on Thursday, giving up some of the recent strong gains, although losses were curbed by production cuts and hopes that rollouts of vaccines will drive a recovery in demand, APA reports quoting Reuters.

Brent crude fell 39 cents, or 0.6%, to $61.08 a barrel, as of 0231 GMT, after touching its highest since January 2020 on Wednesday. U.S. crude slid 35 cents, or 0.6%, to $58.33 a barrel.

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