Oil prices fall from a 5-month highVisits : 163

Oil prices fall from a 5-month high

Brent crude fell on Tuesday, while US Nymex crude prices rose, but both lost their highest level in nearly five months.

The mixed performance in the price of black gold amid a foggy attitude about economic concerns as well as concerns about the situation in Libya.

Although fears of a global recession have eased with strong US employment data and an improvement in Chinas industrial sector, Bank of America sees a significant slowdown in global economic growth in 2019.

The US bank expects the average price of Brent and Nymex crude this year to be $ 70 and $ 59, respectively, citing the US network "CNBC".

Political tensions in Libya have raised concerns about escalation, which would tighten oil supplies.

Investors are expected to release OPECs monthly report later this week as the group and its members continue to implement a cut-off agreement of 1.2 million bpd since the beginning of January for a period of six months.

Initial data on US oil inventories are due to be released today, with official figures due tomorrow.

By 7:14 am GMT, the benchmark Brent crude for June delivery fell 0.1% to $ 71.03 a barrel.

Crude hit a record $ 71.34 a barrel earlier in the session, its highest since November.

At the same time, NYMEX crude futures for May delivery rose 0.1% to $ 64.47 a barrel.

US crude also hit its highest level since November 2018 early in todays session, when it reached $ 64.77 a barrel.

Oil ended yesterdays session at its highest level in nearly 5 months with 2% gains in favor of the Nymex crude.