Crude oil prices have bounced off their worst levels amid profit-taking after falling for the third consecutive day. Oil prices have given back a significant chunk of their gains made over the past couple of weeks.
Although a touch higher today, crude oil prices have given back a good chunk of their recent sharp gains and both Brent and WTI are trading lower three days into the week.
News that U.S. oil inventories fell by a sharper-than-expected 3.4 million barrels last week initially caused WTI prices to turn positive earlier today
Both oil contracts have fallen sharply since peaking last week, when Brent hit its highest level since July 2015 of almost $59.50 and WTI rallied to its best level since mid-April of this year.
