Futures Movers: Oil declines as investors cash in on profit ahead of the holidays

Crude oil prices pulled back on Friday as investors cashed in profits ahead of the holiday break.

Brent crude LCOG7, -0.98% the global oil benchmark, fell 51 cents, or 0.9%, to $54.55 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures CLG7, -0.96% were trading down 48 cents, or 0.9%, at $52.47 a barrel.

Analysts said overall sentiment remains positive with global oil supply expected to shrink after major producers, both in and outside the Organization of the Petroleum Exporting Countries, agreed to cut global output by almost 2% last month.

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