New York — Brent oil prices retreated from three-week highs reached earlier in the day on Wednesday, after a surprising fall-off in US refining runs and an unexpected increase in inventories of petrol and diesel. Prices had been higher due to ongoing tensions around oil-rich Iraq and Iran, which raised risk premiums. International benchmark Brent crude futures fell 2c to $57.86 a barrel as at 3.18pm GMT. They reached their highest in three weeks earlier in the session at $58.54 a barrel. US West Texas Intermediate (WTI) crude futures were down 11c to $51.77 a barrel. Weekly US crude inventories fell by 5.7-million barrels, the Energy Information Administration said, exceeding expectations. Refiners throttled down activity as the [northern hemisphere] autumn maintenance season got underway, and overall refining runs fell off. In addition, inventories of petrol and diesel rose, the latter unexpectedly, reviving some concerns about elevated inventories during a time when demand for pet...
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.