Saturday, 20 April 2019 | 11:42 WIB

After Profit Taking Global Oil Prices Plummet

Illustration: Oil Refineries.

NEW YORK, NNC - World oil prices dropped at the trading closed Tuesday (12/12/2017) on profit-taking after surging more than one percent in the previous session.

US oil and Brent oil prices rose by 1.10 and 2.03 percent respectively on Monday (12/11), on news that major pipelines in the North Sea of England would be closed for repairs.

The Forties pipeline system will be closed for several weeks while the operator fixes cracks or gaps in pipes discovered last week, according to CNBC.

It is reported that the pipeline brings about 450,000 barrels per day of Forties crude, from offshore fields in the North Sea to a processing plant in Scotland.

Analysts said oil prices came under pressure on Tuesday as a surge in oil prices on Monday gave the traders an opportunity to earn profits by selling at higher levels.

The US benchmark West Texas Intermediate (WTI) crude for January's delivery fell $0.85 to settle at $57.14 a barrel on the New York Mercantile Exchange.

Meanwhile, the global benchmark Brent North Sea crude for February's delivery plunged $1.35 to close at $63.34 per barrel on the London ICE Futures Exchange, as quoted by Antara/Xinhua.