October 31, 2002	Thursday	Sha’aban 24,1423

LONDON, Oct 30: IPE Brent crude futures fell back sharply in late afternoon trade after an earlier spike on the back of bullish US energy stock levels.

The Energy Information Administration (EIA) data had shown a US crude stock build of almost half that reported by the American Petroleum Institute (API), while heating oil stocks also fell more markedly than in API figures released on Tuesday.

December Brent touched a session high of $25.70 following the release of the EIA figures, but by 1743 GMT it was 15 cents weaker at $25.16 a barrel.

“Brent ran up too sharply for its own good,” one IPE trader said, adding that part of the fall was due to fund selling.

Another trader said sell stops had been triggered, and that December Brent would hit $25.00 before the close of trade.

US light crude for December delivery fell 18 cents to $26.68 a barrel.

IPE November gas oil settled $2.75 down at $215.75 a ton.

US crude stocks rose by 900,000 barrels last week, less than the 1.7 million stated by the API, the EIA reported.

EIA reported heating oil stocks, in high demand as the northern hemisphere winter approaches, fell by 2.2 million barrels, against the 1.3 million barrel drop in the API’s.

Distillates were down 1.8m barrels and gasoline down 1.1m barrels, the EIA said.—Reuters