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Mon Sep 21, 2015 | 8:33 PM EDT
Oil prices dip as traders take profit following sharp jump
A customer holds a nozzle to fill up his tank in a gasoline station in Nice December 5, 2014. REUTERS/Eric Gaillard
A customer holds a nozzle to fill up his tank in a gasoline station in Nice December 5, 2014.
REUTERS/ERIC GAILLARD
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By Henning Gloystein
SINGAPORE (Reuters) - Crude oil prices fell in early Asian trading as traders took profit following a 4 percent rise in the previous session.
U.S. West Texas Intermediate (WTI) crude futures were trading at $46.23 per barrel at 0024 GMT (0824 EDT), down 45 cents from their last settlement. Globally traded Brent futures were at $48.51 per barrel, down 41 cents.
The dip in prices came after oil rallied on Monday, with U.S crude surging more than 4 percent on signs of declining stockpiles and a fall in drilling activity, which implies lower future oil production.
A Reuters poll on Monday forecast that U.S. crude inventories as a whole fell by 2.1 million barrels last week. [EIA/S]