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Oil falls from a 3-year high in fear of overvaluation
Oil moved away from a three-year high on Thursday on signs that a 13-percent rise in crude since early December may have come to an end but prices have received some support from a sudden drop in production and US crude inventories.
By 0529 GMT, the WTI futures contract was at $ 63.50 a barrel, down seven cents from the previous settlement, but still near its highest since December 2014 of $ 63.67 a barrel.
Brent crude for global trade was $ 69.10 a barrel, down 10 cents from the previous settlement price, but still close to the previous peak of $ 69.37 a barrel, the highest since May 2015.
Rising pressure on prices is evident in the current oil market, with Iran and Iraq cutting OPEC's second and third-largest oil producers this week in supply prices to maintain competitiveness.
Oil markets are generally supported by a cut in production led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which began in January last year and is set to continue until the end of 2018.
Prices gained more support Wednesday night from the United States, where crude stocks fell about 5 million barrels in the week ending January 5 to 419.5 million barrels.
Slightly below the five-year average of just over 420 million barrels.
The US Energy Information Administration said US oil production fell 290,000 barrels per day to 9.5 million bpd, dampening expectations that production would exceed 10 million bpd.
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