Oil falls as investors take profits, but fuel switching caps losses

Crude prices have risen as supply has tightened, with the Organization of the Petroleum Exporting Countries (OPEC) maintaining a slow increase in supply rather than intervening to add more barrels to the market.

TOKYO: Oil prices fell on Thursday as some investors scooped up profits from the recent rally, though solid demand in the United States and a switch to fuel oil from coal and gas amid surging prices capped losses.

Brent crude futures fell 54 cents, or 0.6%, to $85.28 a barrel by 0649 GMT, turning down from earlier gains that took the benchmark to the highest since October 2018. It rose 0.9% the previous day.