By Srinivas Chowdary Sunkara // petrobazaar // 22-12-17
Crude oil prices dipped today but still hovering around two and half year's high levels. Oil prices are largely supported by the producer's statements that any exit from output cuts would be gradual. The reason for today's dip is drying up of market liquidity as traders are closing their long positions before Christmas holidays. The news of expected reopening of U.K's Forties pipeline in early January month after successful completion of repairs by Christmas could not have any negative impact on prices.
WTI and Brent price update
The U.S crude oil, West Texas Intermediate grade futures have fallen by 13 cents with 0.223% decrease after touching a day's high of $58.31 a barrel on Nymex while Brent futures rose 8 cents with 0.123% change towards up at $64.98 per barrel on London based ICE futures Europe exchange.