Oil prices edged down today after another rally that came on the back of the first drop in US stockpiles for six months as well as a weaker dollar. US benchmark West Texas Intermediate for June delivery fell three cents to $59.60 a barrel, while Brent for June eased 18 cents to $66.60. Trading was quiet with most Asian markets closed for public holidays.
On Thursday WTI jumped $1.05 and Brent gained 94 cents. Both contracts rose by about a fifth through April owing to several factors, including concerns about unrest in Yemen, the weakening dollar and fewer US rigs in operation to produce the black gold.
However, prices remain well down after plunging almost 60 per cent between June and January on the back of a global supply glut and ramped up production. The latest jump came after Wednesday's US Department of Energy inventory report, which showed a 500,000 barrel drop in petroleum.