Investors scoop up profits on concerns surging prices may reduce demand
Tokyo — Oil markets eased on Tuesday after a five-day rally as investors took profits on fears that higher prices may weaken fuel demand, though market sentiment remained firm amid tight supply.
“Oil markets took a breather after a long rally, with some investors scooping up profits,” said Toshitaka Tazawa, an analyst at Fujitomi Securities, adding that there were also concerns that surging oil prices may reduce fuel demand. Their battle mirrors that of several other members of the Opec+ group who curbed production in the past year to support prices when Covid-19 hit demand, but are now failing to ramp up output to meet soaring global fuel needs as economies recover.
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