Oil Falls in Likely Technical Correction
While oil prices have come off year-to-date highs, they have undergone choppy movements and stay supported 'well-north' of $80/bbl, Citi said.
Oil prices fell in early Asian trade at 0021 GMT, likely due to a technical correction. Overnight, oil prices had reached their highest level for more than two-weeks. Analysts say that rising Middle East tensions are likely to continue driving an oil price rally. Citi Research analysts in a report say that traders are concerned about the Hamas/Israel conflict spreading regionally. Analysts say that while oil prices are down from their highs for the year, they've been in choppy movement and remain 'well north' of $80/bbl. WTI crude futures for the front-month are down 0.3% at $88.08/bbl. Brent crude futures for the front-month are down 0.4% at $91.17/bbl. (EMAIL).