Crude oil futures were sharply lower in mid-morning trade in Asia Jan. 21, plunging from 7-year highs reached earlier this week as investors rushed to book profits after a multi-week rally that had finally run out of steam.
At 10:18 am Singapore time (0218 GMT), the ICE March Brent futures contract was down $1.83/b (2.07%) from the previous close at $86.22/b, while the NYMEX March light sweet crude contract fell $1.94/b(2.23%) at $83.60/b. After gaining more than 20% in value over a 5-week rally that saw it touch highs not seen since October 2014, analysts said oil prices looked increasingly ripe for profit-taking and were prone to a correction at some point. “It could be that the oil complex is finally catching the cold from the broader financial markets. Investors nervous over impending US rate hikes and […]