Profit-taking steadies oil price
Traders took the opportunity to take profits from the latest upward move in oil prices yesterday.
The profit-taking was initiated after the US pointed to the favouring of a ceasefire in the Middle East.
Late trades pushed Brent crude oil down below $75 and this morning to around $74.80.
It is expected that prices will continue to track Middle East developments and, following further Israeli attacks on Beirut overnight, an early diplomatic move to establish an ceasefire seems remote.
