Oil Investors Took Profits After Benchmarks Touched 7-Year High, Prices Over 10% This Year

Oil prices slid for a second day in a row on Friday, pressured by an unexpected rise in U.S. crude and fuel inventories while investors took profits after the benchmarks touched seven-year highs earlier in the week.

However, both crude benchmarks rose for a fifth week in a row, gaining around 2% this week. Prices were up more than 10% so far this year on concerns over tightening supplies.

Brent futures fell 49 cents, or 0.6%, to settle at $87.89 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 41 cents, or 0.5%, to settle at $85.14.

Earlier in the week, both Brent and WTI rose to their highest levels since October 2014.

“The latest pullback is most likely due to a combination of pre-weekend profit-taking and the absence of fresh bullish catalysts,” said PVM analyst Stephen Brennock, noting Thursday’s bearish data from the Energy Information Administration (EIA).

The EIA reported the first U.S. stock build since November and gasoline inventories at an 11-month high, against industry expectations.