Rising US oil supplies took the edge off crude prices overnight, while profit taking also came into play.

Following a fairly sharp (circa 10 per cent) run up over the last month or so, crude prices continued to ease overnight. The Brent and WTI were off almost two per cent to $121.6 and $106.6 respectively. There are several factors at play here, one is the general expectation that oil supplies into the US are rising, the second is a report showing durable goods orders fell sharply in January, while the third is the fact that prices have had a pretty decent run and so some profit taking was probably in store.


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