Oil prices fell on Thursday, unable to sustain the previous day’s rally, as investors cashed in on gains from a larger-than-expected decline in the U.S. crude inventory. U.S. crude for November settled down $1.17, or 2.3%, to $50.43 a barrel on the New York Mercantile Exchange. The November contract expired at settlement, and the more actively traded December contract fell $1.19, or 2.3%, to $50.63. Brent, the global benchmark, fell $1.29, or 2.4%, to $51.38 a barrel on ICE Futures Europe. Oil prices hit a one-year high on Wednesday , after Energy Information Administration data showed U.S. domestic crude stocks dropped by 5.2 million barrels in the week ended Oct. 14, mainly due to lower imports. “What we are experiencing here is a bit of profit-taking,” said Bart Melek, head of commodity strategy at TD Securities. However, Mr. Melek said the broader picture has improved, given the recent drawdown […]