WTI Oil Prices Slip After 2-Day Surge — Market Talk

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WTI Oil Prices Slip After 2-Day Surge — Market Talk

US benchmark oil prices are slipping, down 0.3% at $65.87 a barrel as investors cash in following a $4, or 6.4% price-surge that marked the biggest two-day gain since March 5. “Crude oil prices are encountering profit-taking after two days of back-to-back solid gains,” says Spartan Capital’s Peter Cardillo. Next up are a pair of weekly US oil inventory reports, first from trade group API at 4:30pm ET, followed by official EIA data Wednesday morning. Analysts are mostly expecting a return to declining crude stockpiles due to stronger demand and after last week’s report saw a rare increase due to a brief shutdown of the important Colonial fuel pipeline.