UPSTREAMONLINE.COM
US West Texas Intermediate crude rose early in the day and began to pare gains in the late afternoon, settling at $51.79 a barrel, up 11 cents or 0.21%, before retreating to as low as $51.11 a barrel. Brent crude settled at $54.94 a barrel, up 48 cents - or 0.88%- before retreating to $54.22 a barrel. Monday's retreat indicated a potential halt to the rally that drove the market up as much as 19% since Opec's agreement was struck on Wednesday. Last week's 12.2% increase was the largest one-week rise since February 2011. The market fell as investors shifted their focus to rising drilling, said Tariq Zahir, managing member of Tyche Capital Advisors in New York.
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US West Texas Intermediate crude rose early in the day and began to pare gains in the late afternoon, settling at $51.79 a barrel, up 11 cents or 0.21%, before retreating to as low as $51.11 a barrel. Brent crude settled at $54.94 a barrel, up 48 cents - or 0.88%- before retreating to $54.22 a barrel. Monday's retreat indicated a potential halt to the rally that drove the market up as much as 19% since Opec's agreement was struck on Wednesday. Last week's 12.2% increase was the largest one-week rise since February 2011. The market fell as investors shifted their focus to rising drilling, said Tariq Zahir, managing member of Tyche Capital Advisors in New York.
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