Alert Sign Dear reader, online ads enable us to deliver the journalism you value. Please support us by taking a moment to turn off Adblock on

Alert Sign Dear reader, please upgrade to the latest version of IE to have a better reading experience


Oil hits fresh 3-month peak

August 16, 2012

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