BEIJING : Oil prices fell on Thursday as investors cashed in profits from the 2per cent gains in the previous session after the U.S. Federal Reserve indicated an interest rate hike in March, leading to a technical correction in surging energy markets.
U.S. West Texas Intermediate crude futures also eased 26 cents, or 0.3per cent, to $87.09 a barrel, after gaining 2per cent in the previous session. OPEC missed its planned supply increase target in December, highlighting capacity constraints that are limiting supply as global demand recovers from the COVID-19 pandemic.
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