Oil retreats from weekly highs on profit-taking

Oil prices on both the sides of the Atlantic stalled its recent winning streak and slip into the negative territory on the final trading day of the week, as investors turn cautious ahead of the Algerian OPEC meeting due next week.

Oil eyes US rigs data

Currently, both crude benchmarks ease, with Brent down -0.52% at $ 47.39, while WTI drops -0.73% to $ 45.98. The bulls take a breather from its recent upsurge, allowing a minor-corrective slide in oil, largely backed by chart-driven selling ahead of the much awaited OPEC meeting scheduled next week in Algeria.

Moreover, markets also resort to take profits off the table after three back-to back sessions of strong gains. While broad based US dollar recovery also adds to the losses seen in the black gold. A stronger greenback makes the dollar denominated commodity expensive for the foreign buyers.

Next in focus for the commodity remains the US rigs count data due later in the NA session today, while next week’s OPEC meeting in Algeria to discuss potential action to stabilize oil markets takes center-stage.