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Investors Profit-taking International Oil Prices Fell

- Dec 28, 2017 -

The international oil prices fell on the 27th due to profit-taking operations.1(001).jpg

It is reported that an oil pipeline in eastern Libya exploded on the 26th, will affect the Libyan oil exports. Affected by this news, international oil prices soared in the previous session, setting a new high since in June 2015.


However, analysts believe that this time oil prices upward momentum is not sustainable, thus traders are lingering worried about the oil market oversupply, therefore, the oil price fell back on the 27th.


As of the close of the day, the New York Mercantile Exchange showed that the price of New York light sweet crude for delivery in February 2018 dropped 0.33 U.S. dollars to close at 59.64 U.S. dollars per barrel, down 0.55 percent. In London, Brent crude for delivery in February 2018 shed $ 0.58 to close at $ 66.44 per barrel, down 0.87%.


Regarding the market situation, we fully hope the valves industries are booming in the coming year 2018.