Tokyo — Oil prices fell on Monday, pausing for breath after posting gains of as much as 20% in the third quarter, after a survey pointed to a slight increase in Opec production in September. US crude was down 13c, or 0.3%, at $51.54 a barrel at 3.46am GMT. The US benchmark on Friday posted its strongest quarterly gain since the second quarter of 2016 and the longest streak of weekly gains since January. Global benchmark Brent crude for December delivery was down 22c, or 0.4%, at $56.57 a barrel. On Friday, Brent for November delivery closed 13c higher at $57.54 a barrel, notching up a third-quarter gain of around 20%, the biggest gain in five quarters. It was the biggest third-quarter increase since 2004. The contract reached its highest in more than two years early last week, and posted its fifth consecutive weekly gain. It was Brent’s longest weekly bull run since June 2016. The price gains have been supported by expected demand from US refiners resuming operations after shutdowns...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.