Daily Times

Crude oil prices came down over one percent for the third straight day on Thursday after the US stockpiles expanded and investors weighed the possibility that Iran may revive exports.

At 1255 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.99 (-1.17 percent) to reach $83.70 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $81.74 a barrel, down by $0.92 (-1.11 percent), its highest level since 2014.

The price for Opec Basket was recorded at $84.52 a barrel with a 1.32 percent increase, Arab Light was available at $82.21 a barrel with a 2.18 percent decrease, while the price of Russian Sokol slipped to $84.80 after shedding 1.86 percent.

The American Petroleum Institute (API) on late Tuesday reported a 2.32 million-barrel build in US commercial crude oil stockpiles last week, running against expectations for a 100,000-barrel draw. Gasoline inventories meanwhile rose by 530,000 barrels, while distillate stocks climbed by 986,000 barrels.

Crude stocks rose by 4.3 million barrels last week, the US Energy Department said, more than double the 1.9 million-barrel gain forecast by analysts. The hefty stock build came on the back of a large jump in net imports of crude oil and still sluggish refinery processing. Still, gasoline stocks fell by 2 million barrels to the lowest in nearly four years, even as the US consumers are struggling with rising prices to fill their tanks.

Another reason behind fall in crude prices was resumption of talks on Iran’s nuclear programme. Iran’s top nuclear negotiator said on Wednesday that Tehran’s talks with six world powers, aimed at reviving its 2015 nuclear deal, will resume by the end of November. The last time the parties met was in June.