Brent relaxes after jump

17/09/2009

Brent oil for November delivery eased its position slightly on Thursday following the previous day's gains, reports Bloomberg.

On Wednesday, the commodity had reached its highest point since August 28th.

Its price per barrel peaked at $71.67, marking an overall gain for the day of 2.6 per cent.

However, early London trading saw this figure relax on the ICE Futures Europe exchange.

Brent dropped by a marginal three cents per barrel, taking it to $71.64 by 09:23 BST.

The commodity had earlier suffered from the high stockpiles of distillates predicted by the American Petroleum Institute.

Ahead of the publication of official government figures, the organisation estimated that stocks of commodities such as heating oil and diesel would rise by 600,000 barrels.

Prices for November delivery Brent on the ICE exchange dropped as a result midweek.

The commodity fell by 22 cents by 10:12 in London on Wednesday, taking it down to $69.65.