Oil prices extended losses on Tuesday on profit taking and a stronger U.S. dollar, but overall optimism about recovering demand kept a floor under prices.
Brent crude was down 58 cents, or 0.8%, at $70.91 a barrel by 1218 GMT, after declining 0.6% on Monday. U.S. West Texas Intermediate oil was off by 55 cents, or 0.8%, at $68.68 a barrel, having dropped by 0.6% in the previous session.
“A previous price surge that was probably premature, coupled with a stronger U.S. dollar and a correction on the stock markets, are weighing on oil prices,” Commerzbank said.
Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.