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Oil prices decrease after solid gains

Pubdate:2018-03-06 11:45 Source: Click: times
NEW YORK, Nov. 7 (Xinhua) -- Oil prices eased on Tuesday, after both U.S. crude and Brent posted solid gains in the previous session. Saudi Arabia has arrested 11 princes and 38 sitting and former ministers and deputy ministers over corruption charges. The arrest orders were made by a panel Saudi King Salman bin Abdulaziz Al Saud formed on Saturday, headed by Crown Prince Mohammed bin Salman. Oil prices surged to their highest level on Monday since the summer of 2015, as analysts said the geopolitical risk in the Middle East helped underpin the market. Analysts said an upward momentum in oil market appeared to be waning on Tuesday, as investors took profit after recent gains. Meanwhile, a strong dollar also weighed on the oil market on Tuesday. The dollar index, which measures the greenback against six major peers, was up 0.21 percent at 94.958 in late trading. The West Texas Intermediate for December delivery ticked down 0.15 U.S. dollar to settle at 57.20 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.58 dollar to close at 63.69 dollars a barrel on the London ICE Futures Exchange.
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