Brent slips on crude figures

16/09/2009

New figures showing an increase in crude stocks led to a slip in Brent prices on the ICE exchange, reports Reuters.

The American Petroleum Institute (API) data estimated a 600,000-barrel rise in stocks, sparking a 22-cent fall in prices for Brent oil for November delivery.

By 10:12 GMT, the commodity stood at $69.65 per barrel, having traded on the day in the range from $69.01 to $69.95.

A research note from MF Global previously noted that changing fortunes of oil-based commodities during Tuesday (September 15th).

The note read: "Almost half of the earlier gains in crude have dissipated on the back of rather bearish API numbers," Reuters reports.

Brent for October delivery previously slumped ahead of its contracted expiry date, the newswire noted.

The commodity reversed its earlier fortunes, when it had gained ground against its counterparts including distillates such as heating oil.

Heating oil and other distillates had fallen towards the end of the previous week, compared with October Brent's rise.