Oil prices sink as supply worries ease globally

Oil prices sink as supply worries ease globally

World oil prices slipped on Saturday as recent worries over potential disruptions from conflicts in the Middle East and Ukraine continued to ebb.

In New York, the US benchmark West Texas Intermediate (WTI) for September delivery slid 29 cents to $97.88 a barrel. Brent crude for September was down $1.18 cents at $104.81 in London trade.

Prices were nearly 10 per cent off their highs of late June, and back to where they stood at the beginning of May.

“The last couple of days showed that we continue to shed some of the speculation in the market that was built into what pushed us to nine month highs internationally,” said Gene McGillian of Tradition Energy.

DH Newsletter Privacy Policy Get top news in your inbox daily
GET IT
Comments (+)