Global oil prices on Friday dipped away from some of its highest levels since 2015, weighed down by rising US output and the expected January re-opening of the Forties pipeline in the North Sea.
The drop, though, came as crude future volumes declined rapidly as traders closed positions ahead of the upcoming Christmas and New Year breaks.
US West Texas Intermediate (WTI) crude futures were at $58.18 a barrel at 0544 GMT, down 18 cents, or 0.3 per cent, from their last settlement.
Brent crude futures, the international benchmark for oil prices, were at $64.75 a barrel, down 15 cents, or 0.2 per cent, reports Reuters.
Brent on Thursday ended at $64.90 a barrel, its highest close since June 2015. WTI has also been touching values not seen since mid-2015 over the past two months.
The dip on Friday was due to an outlook for rising supplies that triggered those holding long positions to sell-out ahead of the year-end holidays, traders said.
