Oil prices fall despite U.S. inventory draw

2021-02-19 22:05:57 GMT2021-02-20 06:05:57(Beijing Time) Xinhua English

NEW YORK, Feb. 19 (Xinhua) -- Oil prices slipped on Friday, retreating from their recent highs.

The West Texas Intermediate for March delivery lost 1.28 U.S. dollars to settle at 59.24 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery decreased 1.02 dollars to close at 62.91 dollars a barrel on the London ICE Futures Exchange.

"There were already signs yesterday afternoon that prices were beginning to falter and that a correction might be on the cards - namely when prices no longer responded to the unequivocally bullish U.S. inventory data," Carsten Fritsch, energy analyst at Commerzbank Research, said in a note on Friday.

U.S. crude oil inventories decreased by 7.3 million barrels during the week ending Feb. 12, the U.S. Energy Information Administration reported on Thursday. At 461.8 million barrels, U.S. crude oil inventories were at the five year average for this time of year.

For the week, the U.S. crude benchmark declined 0.4 percent, while Brent eked out a gain of 0.8 percent, based on the most-actively traded contracts. Enditem