NEW YORK: Oil prices were near flat on Wednesday, after earlier hitting a 10-month high, as a surprise build in US crude inventories offset expectations of tight crude supply for the rest of the year.
International benchmark Brent futures dropped 7 cents to $91.99 a barrel by 12:48 p.m. EDT (1648 GMT). Its session high of $92.84 a barrel was the highest since November.
US West Texas Intermediate crude (WTI) edged 11 cents lower to $88.73. Its session high of $89.64 a barrel was also the highest since November.
Front-month Brent futures contracts traded as high as $4.90 a barrel above those for delivery six months further out LCOc1-LCOc7, the widest spread since November, indicating tightening supply.
Published in Dawn, September 14th, 2023
