Brent crude settled down 72 cents, or 1.06%, at US$67.52 a barrel. The contract pulled back after trading as high as $69.33. It reached $71.38 on Monday, the highest since Jan. 8,2020. U.S. West Texas Intermediate (WTI) fell $1.04, or 1.6% to settle at $64.01 a barrel. The contract hit its highest on Monday since October 2018.
NEW YORK: Oil price fell to around US$68 a barrel on Tuesday in a choppy session, pressured as concerns faded of a supply disruption in Saudi Arabia, which countered a pause in the dollar's rally and prospects for tighter supply due to OPEC+ output curbs.
On Monday, crude hit its highest level since the start of the coronavirus pandemic, a day after Yemen's Houthi forces fired drones and missiles at Saudi oil sites. Saudi Arabia said it thwarted the strike, however, and prices slipped as supply fears eased.
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