Oil prices slightly weakened on Monday due to profit-taking sales triggered after their jump last Friday by more than a dollar.
On the New York market, a barrel of oil fell by eight cents to $71.01. Meanwhile, on the London market, it weakened by two cents to $70.60. However, a stronger decline in prices was prevented by a drop in gasoline inventories in the U.S. last week, combined with only moderately positive U.S. economic signals.
The drop in gasoline inventories is a result of lower utilization of refining capacities and increased demand. Vienna’s PVM Oil Associates reported that motor fuel inventories fell by as much as 5.7 million barrels, and are now 3 percent below the five-year average, attributed to reduced imports. (Hina)
