NEW YORK, Jan. 24 (Xinhua) — Oil prices fell on Tuesday as traders took profits from a recent rally.
Texas Intermediate (WTI) crude for March delivery was down $1.49, or 1.8 percent, at $80.13 a barrel on the New York Mercantile Exchange. Brent crude for March delivery on the London Futures Exchange ICE fell $2.06, or 2.3 percent, to settle at $86.13 a barrel.
“Oil markets are losing ground as traders take profits near multi-week highs,” Uladzimir Zyarnov, an analyst at market intelligence provider FX Empire, said on Tuesday.
Oil prices have rallied strongly recently, with Brent hitting its highest level since late November on Monday, boosted by expectations of increased demand in China.
Traders are also awaiting data on U.S. fuel inventories as the U.S. Energy Information Administration releases its weekly oil report on Wednesday. Analysts polled by S&P Global Commodity Insights expect U.S. oil supplies to fall by 2.4 million barrels.