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Oil drops more than 1 pct on profit taking after 4 days of gains

Mimi Sabreena 7:38:00 AM Informasi

HOUSTON (Oct 20): Oil prices fell more than 1 percent on Thursday, breaking four days of gains, pressured by larger-than-expected product inventories in the United States and profit-taking after a recent run-up in markets.

Brent crude settled down 92 cents, or 1.6 percent, at $57.23 a barrel. The global benchmark is still about 30 percent above its mid-year levels.

U.S. light crude settled down 75 cents, or 1.4 percent, to $51.29, but is still nearly 25 percent higher than June's lows.

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