World oil prices dipped, with traders taking profits after crude rose above the psychological $50 level this week on evidence of a fall in supplies. In the United States, trader caution was high ahead of the long Memorial Day holiday weekend, when markets will be closed Monday. “It’s a holiday weekend here and a lot of people are already out,” said Carl Larry at Frost & Sullivan. US benchmark West Texas Intermediate for delivery in July fell 15 cents to $49.33 a barrel on the New York Mercantile Exchange. In London, Brent North Sea crude for July finished at $49.32 a barrel, down 27 cents from Thursday’s settlement. “The main thing is we really haven’t moved far from the $50 mark here. It’s lower but not a collapse, which is good,” Larry said.
Published in The Express Tribune, May 29th, 2016.
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