Oil prices decline; Brent slips below $71

Oil rigs

Crude prices declined on Tuesday amid profit-taking, following the sharp rise in prices over the past two weeks.

Investors are also tracking developments related to global oil demand recovery.

The international benchmark Brent crude was trading down 0.7% at $70.99 per barrel, at 9.00 am Makkah time.

WTI crude fell 0.6% to $68.79 per barrel.

“It’s just a case of gains being too quick, there is some profit-taking now,” Bloomberg reported, citing Howie Lee, an economist at Oversea-Chinese Banking Corp. “I don’t put too much weight on the drop. The market is still headed in an upward trend.”

Meanwhile, Bob Yawger, director of energy futures at Mizuho Securities, said that Chinese oil imports at a five-month low would tend to confirm weakness in the Asia market, Reuters reported.