Oil slides after UN panel probes 24 major oil traders and refiners on North Korea sanctions compliance

North Korean leader Kim Jong Un (C) smiles during a visit to the Sinhung Machine Plant in this undated photo released by North Korea’s Korean Central News Agency (KCNA) in Pyongyang April 1, 2016. Reuters/KCNA


Oil fell more than 1.5% Friday afternoon, interrupting a months-long rally, after a United Nations security panel sent a letter probing some of the biggest oil traders in the world for information on what measures they take to prevent sanctioned goods from reaching North Korea.

Brent, the international benchmark, shed 1.51% to $78.42 per barrel at 2:30 p.m. ET. West Texas Intermediate was down 0.25% to $71.42. Crude had rallied to fresh highs Thursday, with Brent trading above $80 a barrel for the first time since late 2014.

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