Thursday Oct 31, 201307:21 PM GMT
Brent oil price stands at three-month high over US stocks slide
Brent light crude oil ends at three-month high on August 15, 2012.
Brent light crude oil ends at three-month high on August 15, 2012.
Wed Aug 15, 2012 6:17PM
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Brent light crude oil has hit a new three-month peak amid a surprise slide in US crude stockpiles that indicated rising 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, AFP reported.

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.

The EIA has pointed out that US gasoline or petrol inventories slid by 2.4 million barrels. This is while analysts had forecast a drop of 1.7 million barrels.

Traders say supply shortfalls arising from forthcoming shutdown of an oil field in the North Sea and tensions in the oil-producing Middle East region will keep global oil prices high.

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