Oil declines, snapping longest daily winning streak in nearly two years
Oil prices fell on Thursday, giving up some of the recent strong gains, although losses were curbed by production cuts and hopes that rollouts of vaccines will drive a recovery in demand.
Brent crude fell 26 cents, or 0.42%, to $61.21 a barrel, after touching its highest since January 2020 on Wednesday. U.S. crude settled 44 cents, or 0.75%, lower at $58.24 per barrel.
Brent has risen for the previous nine sessions, its longest sustained period of gains since January 2019. On Wednesday, was the eighth daily rise for U.S. crude.
However, some analysts say prices have moved too far ahead of the underlying fundamentals.
Reference: CNBC
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