Oil Prices Drop Before US Inventory Data

LONDON, (UrduPoint / Pakistan Point News - 17th August, 2016) - Oil prices fell back Wednesday after rallying in recent sessions, as attention turned to US stockpiles data for an update on levels of supplies in the world's biggest crude consumer. Around 1100 GMT, US benchmark West Texas Intermediate for delivery in September was down 43 cents at $46.15 a barrel. Brent North Sea crude for October delivery slipped 37 cents to $48.

86 a barrel compared with the close on Tuesday. Prices on Tuesday closed at five-week highs, bolstered by a weaker Dollar and remarks from key oil producers on the state of the market, traders said. Crude futures have surged after closing below $40 a barrel at the start of the month for the first time since April. All eyes were meanwhile on the US Department of Energy as it prepares to publish weekly data on the country's commercial crude stockpiles.