Oil prices ease on profit-taking after hitting 10-month highs

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Oil prices ease on profit-taking after hitting 10-month highs
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NEW YORK: Oil prices rose to 10-month highs on Tuesday (Sept 19) before easing, as investors took profits following three sessions of gains that follo...

Oil prices rose to 10-month highs on Tuesday before easing, as investors took profits following three sessions of gains that followed extended production cuts from Saudi Arabia and Russia.

After Brent topped US$95 a barrel on Tuesday, investment bank UBS said in a note it started taking profits. Still, strategists there expect Brent to trade in a range of US$90-US100 per barrel over the coming months, with a year-end target of US$95 per barrel. Further, US oil output from top shale-producing regions is on track to fall to 9.393 million bpd in October, the lowest since May 2023, the US Energy Information Administration said on Monday. That would be a third consecutive monthly fall.

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