Sharjah24 – Reuters: Oil prices slipped on Wednesday, threatening to end the longest rally in two years as investors shrugged off industry data showing a fall in U.S. crude oil stocks that added to optimism about an expected rise in global fuel demand.
Brent crude was down by 1 cent at $61.08 by 0752 GMT after rising nearly 1% on Tuesday, when it touched a 13-month high. U.S. crude dropped 8 cents to $58.28.
Brent had risen for eight days in a row, the longest sustained run of gains since January 2019. U.S. oil had gained for seven days, the longest rally since February 2019.
"Higher oil prices may encourage increased output globally, while increased hedging could also limit further upside," said Kevin Solomon, energy economics analyst at StoneX.
The U.S. Energy Information Administration (EIA) said this week it expects production in the United States to rise in the second half of 2021 and in 2022, although it revised down its estimated output increase for all of this year.
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