Oil price rally loses steam after reaching 2014 highs

ISLAMABAD: Crude oil prices finally went down in a volatile session on Tuesday ahead of Opec+ meeting schedule for February 2, amid rumours that cartel could go further than expected to address supply concerns.
Moreover, oil remained under pressure due to expected increase in the US crude stockpiles by 1.8 million barrels last week. However, Russia-Ukraine tension, the Middle East situation, and cold weather in Europe help restrain losses.
As of 1230 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.54 (-0.60 percent) to reach $88.72 a barrel. Brent hit $91.20 per barrel at one point during intraday trading before retreating.
On the other hand, the US West Texas Intermediate (WTI) price reached $87.65 a barrel, down by $0.50 (-0.57 percent). WTI climbed to $88.60 a barrel during intraday trading, but retreated to settle lower. Brent and WTI hit their highest levels since October 2014 on Friday, at $91.70 and $88.84 respectively. They gained about 17% in January.
The price for Opec Basket was recorded at $90.14 a barrel with a loss of 0.07 percent, Arab Light was available at $88.52 a barrel with a decrease of 1.96 percent and the price of Russian Sokol slipped to $90.11 a barrel with 1.63 percent increase. – TLTP