Oil fell on Tuesday from a three-year high as investors took profit-taking sales but strong demand supports prices near $ 70 a barrel, a level the market has not seen since its decline in 2014.
Oil is supported by OPEC-Russia output cuts and strong demand amid improved global economic growth.
Imports of India, the world’s third-largest oil consumer, rose by 1.8 percent in 2017 to a record 4.37 million bpd as the country increased its purchases of crude to feed refining capacity, data showed.
Brent crude futures closed down $ 1.11, or 1.6 percent, to settle at $ 69.15 a barrel after recording a lower level of $ 68.83. Global benchmark crude climbed on Monday to a peak of $ 70.37 a barrel, its highest level since December 2014.
WTI futures fell 57 cents, or 0.9 percent, to close at $ 63.73 a barrel. Earlier in the session, US benchmark crude was at $ 64.89, its highest since December 2014.
US oil production fell from 9.8 million bpd in December to 9.5 million bpd. But most analysts still expect it to soon cross the 10 million bpd barrier.
The US Energy Information Administration said on Tuesday that oil production in the United States for February is expected to rise by 111 thousand barrels per day to 6.55 million barrels per day.