Oil falls as US inventory build prompts profit-taking
Oil prices plunged on Friday, after rising to seven-year highs this week, as an increase in US crude and fuel stockpiles prompted investors to take profits from the rally.
Brent crude futures dropped $2.46, or 2.8 per cent, to $85.92 a barrel by 0136 GMT. The contract earlier fell by as much as 3 per cent, the most since Dec. 20. The global benchmark touched $89.50 a barrel on Thursday, its highest since October 2014.
US West Texas Intermediate (WTI) crude futures slid $2.61, or 3.1 per cent, to $82.94 a barrel. The contract earlier fell as much as 3.2 per cent, also the most since Dec. 20, after rising to its highest since October 2014 on Wednesday.
