Aug 17th 2012
Oil falls following “unsustainable three-month rises”
Month-ahead Brent crude oil has risen to a three-month high of $116.90/bl. On Thursday 16 August newswire Bloomberg reported Brent crude oil has been driven higher by falling North Sea oil production and the effects of the embargo on Iranian oil. But Brent crude oil for the October settlement fell 1% over the day over concerns about US demand falling and rumours that America could release some of its strategic oil reserves. Traders have speculated that the price could fall over the next week over concerns about a slip in demand in the US.
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