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Crude oil prices ease on Chinese lunar new year

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Crude oil prices eased after recent gains as traders awaited trade talks progress, in low volume trading due to the Chinese new year.
Feb. 5 (UPI) — Crude oil prices eased after recent gains as traders awaited trade talks progress, in low volume trading due to the Chinese new year.
As of 9:05 a.m. EST West Texas Intermediate front-month crude oil prices were 0.7 percent lower to $54.17 per barrel, while Brent crude futures traded 0.6 percent lower at $62.14 per barrel.
« Traders are reluctant to take a major position ahead of State of the Union speech by U. S. President Donald Trump because he may address U. S.-China trade relations, » James Hyerczyk, analyst at FXEmpire, told UPI.

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