Dawn News

World oil prices go decline

LONDON, Aug 17: World oil prices fell on Friday on profit-taking following recent gains which saw New York and Brent crude hit three-month highs, analysts said.

Brent North Sea crude for delivery in October dropped $1.27 to $114 a barrel. New York’s main contract, West Texas Intermediate (WTI) light sweet crude for September, slipped 39 cents to $95.21 a barrel. Prices on Thursday reached the highest levels since May on encouraging economic figures in top crude consumer the US, traders said.

New York hit $95.69 a barrel and Brent $117.03 — although the Brent price was for its September contract which expired at the close of trading on Thursday.—AFP

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