Oil prices dropped on Wednesday but stayed above $70 a barrel, taking a breather after recent days’ strong rally as Mexico was set to resume crude production following a major outage. Brent crude fell 33 cents, or 0.46%, to $70.72 a barrel by 0904 GMT, while U.S. West Texas Intermediate (WTI) crude was down 40 cents, or 0.59%, to $67.14. Both benchmark contracts rose by about 8% over the previous two days. The rally erased most of the slump from a seven-day losing streak on the back of a resurgence in COVID-19 cases. “A second consecutive day of price rally in the crude market had also spurred some profit-taking, while American Petroleum Institute data showing a less-than-expected decline in U.S. oil inventories last week added to the downward pressure,” Vandana Hari said in a note to clients. Prices rallied in previous sessions after Mexican […]