Dawn News

Oil hits fresh 3-month peak

LONDON, Aug 15: Global oil prices rebounded on Wednesday, with Brent hitting a new three-month high after a surprise slump in US crude stockpiles that indicated solid demand in the world's biggest consumer.

Brent North Sea crude for delivery in September jumped to $115.31, reaching a level last seen at the start of May. It later stood at $115.09, up $1.06 from Tuesday's closing level.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for September, added 25 cents to $93.68 a barrel.

The US government's Energy Information Administration (EIA) announced on Wednesday that American crude inventories plunged by 3.7 million barrels in the week to August 10.

That was far heavier than market expectations for a drop of 1.9 million barrels, according to analysts polled by Dow Jones Newswires, and signalled strengthening US demand.—AFP


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