Oil falls on profit taking, demand worries

Oil falls on profit taking, demand worries
Oil falls on profit taking, demand worries

Oil prices fell on Wednesday on concern that demand growth for crude will slow, somewhat paring the strong gains in the past few sessions that had pushed them to multi-year highs.

Analysts indicated that some dealers likely resorted to profit-taking in US crude contracts, after they recorded their highest levels since October 2014 over the past three sessions.

The global benchmark Brent crude contracts ended the trading session as low as 24 cents, or 0.3 percent, to settle at $83.18 a barrel, while US West Texas Intermediate crude contracts fell 20 cents, or 0.3 percent, to close at $80.44.

Prices came under pressure in early trading after China, the world’s largest importer of crude, published data showing that its imports in September fell 15 percent from their level a year ago.

The market is awaiting the latest weekly data on crude stocks in the United States, which analysts expect will show an increase of 700,000 barrels.

Stock data from the American Petroleum Institute and the US Energy Information Administration is expected to be released on Thursday. The data was delayed by a day due to a holiday in the United States on Monday.

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