Oil prices hovered around $83 this morning, remaining within $1 of a record high, after a surprise decline in US stocks stoked concerns about supplies ahead of the peak winter demand season in the world's top energy consumer.
US crude was stable at $83.08 a barrel in early trade, after spiking more than 2% in the previous session. Oil had traded up to $83.76 last night, near the all-time high of $83.90 struck on 20 September. London Brent crude eased 4 cents to $80.11 a barrel.
US crude oil stocks dipped 1.7 million barrels last week to the lowest level since January, a report by the Energy Information Administration showed, countering analyst expectations for a 900,000 barrel rise.
'Brent and WTI crude futures both soared to new nominal highs on October 11, propelled by news of a surprise weekly draw in US crude stocks and a broader, counter-seasonal, third-quarter slide in total OECD oil inventories,' the IEA said in a report.
And yesterday, the International Energy Agency added that high oil prices were tempting consumers to switch to cheaper natural gas and cutting estimates for economic growth.
Via: RTE
