Oil extends profit-taking slide into Europe

Oil prices on both sides of the Atlantic stalled two-day rally and fell back into negative territory on the final day of the week, mainly driven by a profit-taking slide.

Brent rejected just shy of $ 50 mark

Currently, both crude benchmarks accelerate losses, with Brent down -1.33% at $ 49.15, while WTI slumps -1.23% to $ 47.25. Oil traders resort to profit-taking after the two-day jump, and also ahead of the quarterly close. Although oil remains on track for a 7% weekly gain, the best in six weeks.

Oil extended rally for the second straight session on Thursday, as markets continued to cheer the OPEC’s output cut agreement reached on Wednesday, the first output cut deal in eight years that will be formalized in November.

All eyes now remain on the US rigs count data and economic releases due later in the NA session for further incentives on the USD denominated commodity.