Oil price dips on profit-taking after logging 2-year high on OPEC+ curbs

Brent crude settled at US$71.49 a barrel, falling 40 cents after hitting $72.27 a barrel, its highest since May 2019. U.S. West Texas Intermediate settled at $69.23 a barrel after touching $70 for the first time since October 2018.

NEW YORK:Oil prices pulled back on Monday after touching two-year highs on expectations of improved demand and OPEC producers keeping supply curbs in place.

Prices retreated from session highs early, and analysts cited pressure from Chinese data showed crude oil imports fell to a year's low in May.