Oil withdraws from USD 56-territory
Multinational 
LONDON, April 11, 2017 – Brent crude futures came in at USD 55.78 per barrel in early trade on Tuesday, down from a five-week high of USD 56.16 per barrel.
WTI prices also eased, settling at USD 52.93 at 07:00 am GMT. The dip in prices had been expected by traders and analysts.
“We are getting into the high risk part of this rally. It has been going on for a long time,” CMC Markets chief market analyst Ric Spooner commented from Sydney, adding that the current price range would incentivise additional shale production, which in turn would increase pressure on oil prices.
Last week’s US missile strike on Syria and recurring shutdowns of Libyan oilfields in recent days all helped to drive up prices. The anticipated seasonal increase in fuel demand in the US is expected to help steady prices over the next six months.
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