Oil prices dip after strong rally

Oil prices dip after strong rally

Oil prices fell on Friday (May 13), with analysts saying traders booked profits from the previous day's strong rally ahead of the weekend amid general hope that the oversupply is easing.

US oil had hit a six-month high on Thursday as the International Energy Agency pointed to the glut easing in the second half of this year.

On Friday, OPEC said the oversupply that has sent prices sliding since mid-2014 "may be easing" as a result of reduced output by countries outside the 13-nation oil-producing cartel.

US benchmark West Texas Intermediate for delivery in June closed 49 cents lower at US$46.21 a barrel on the New York Mercantile Exchange. For the week, however, WTI jumped more than three per cent.

In London, Brent North Sea crude for July slipped to US$47.83 a barrel, down 25 cents from Thursday but still registering a weekly gain of more than five per cent.

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