17.01.201803:44:00UTC+00Oil Retreats as Analysts Warn of Correction After Price Rally

Oil prices pared earlier gains as analysts cautioned of a downward correct after prices increased over 13 percent over the last month.

Despite the decline, overall markets continue to be well supported amid the tightening supply and soldi global demand. The tighter fundamentals drove up both crude futures benchmarks around 13 percent above levels in early December, aided by the production restrictions by OPEC and Russia, as well as by health demand growth.

Brent crude futures traded at $69.70 per barrel, sliding from a peak of $69.37 earlier in the session and 18 cents down from their last close. The contract rose to $70.37 on Monday, the highest since December 2014.

U.S. WTI crude futures stood at $63.68 per barrel, falling 5 cents from their last close. The U.S. benchmark edged up to $64.89 on Tuesday, also its highest level since December 2014.