Brent Retreats After Hitting $75 for First Time Since October
- WTI, Brent crudes slide in late trading amid high volume
- U.S. crude stockpiles gain is also weighing on prices
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Brent crude couldn’t hold a rally past $75 a barrel, sliding amid a flurry of technical selling late in the session.
Futures in London and New York both declined after the global benchmark breached the key level for the first time since October earlier in the session. U.S. benchmark West Texas Intermediate led the slide after rising above $66 a barrel. Earlier, prices had surged as the U.S. decision to tighten Iran sanctions and contamination in Russian shipments fueled supply fears.