Oil dips on technical selling after two days of strong rises
Oil prices eased in Asian trading on Friday, pulled down by a technical sell-off following two sessions of strong rises and on caution ahead of meeting of OPEC ministers next week in Algeria to discuss possible production cooperation, Reuters reported.
US West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $45.90 per barrel at 0123 GMT, down 42 cents, or 0.91 percent, from their previous close.
International Brent crude oil futures LCOc1 were down 33 cents, or 0.69 percent, at $47.32 a barrel.
OPEC could see a new push to clinch a first deal to curb output since 2008 next week when Alergia plays hosts to oil ministers.
Traders said that the declines were largely down to technical chart indicators and also selling following strong price gains in the previous two trading sessions.
Reuters technical chart analyst Wang Tao said that WTI prices may test support at $45.65 per barrel, and Brent was likely to retrace to $46.93 per barrel in the near future.