Barrel

US November crude gained 24 cents to settle at $92.09 a barrel, while expiring Brent November crude lost 73 cents to go off the board at $115.07 a barrel.

Expiring November Brent retreated, ahead of weekly inventory reports which may reveal a rise in US oil inventories last week.

A weak dollar and uncertainty about Spain’s intentions and whether it will seek a bailout or not also had an impact on oil prices.

North Sea production maintenance and fears that conflict riddled Syria could drag neighboring states into the turmoil also propelled Brent’s premium to its US counterpart.

American Petroleum Institute said that crude stocks rose 3.7 million barrels last week boosted by imports, while distillate stocks gained 1.8 million barrels, while in contrast gasoline stocks fell by 1.2 million barrels.

US crude imports from Saudi Arabia hit a four-year high of 1.425 million barrels each day in the first seven months of 2012, and have fallen by 130,000 bpd since then, reports Reuters.


Image: US November crude gained 24 cents at $92.09 a barrel. Photo courtesy of Amiralis.