Oil prices fall despite lingering supply concerns | Reuters

Oil prices fall despite lingering supply concerns | Reuters

Oil prices fell on Friday, pressured by an unexpected rise in U.S. crude and fuel inventories while investors took profits after the global benchmarks touched seven-year highs this week.

Brent crude futures were down $1.55, or 1.7%, at $86.83 a barrel by 1214 GMT. The contract earlier fell by as much as 3%, the most since Dec. 20. A day earlier the global benchmark hit a seven-year high of $89.50.

U.S. West Texas Intermediate (WTI) crude futures slid $1.62, or 1.8%, to $83.93. The contract had fallen as much as 3.2%, also the most since Dec. 20, after rising to its highest since October 2014 on Wednesday.

The recent rally in crude prices appeared to run out of steam on Thursday when Brent and WTI ended the trading session with slim losses, but both benchmarks have gained more than 10% this year and are heading for a fifth straight weekly gain.