West TX Oil Drops Below $59.50

Oil prices fell on Thursday morning in Asian trading after hitting 2015-highs in the previous session as traders moved to take profits on a multi-week rally.

The first drawdown in U.S. crude inventories since January as well as a weakening dollar had fed the oil price rally.

The jump in oil prices has been supported by stronger-than-expected demand growth and a slowdown in crude supply, yet traders said that global crude markets remained well supplied, prompting many to sell contracts to cash in on the recent rally.