Oil prices fall

LONDON. Oil prices fell yesterday after three days of gains as markets awaited key US inventory data expected to show a build in US crude stockpiles.

Brent crude LCOc1 was down 65 cents at $80.76 a barrel by 1325 GMT, after gaining $1,15 over the previous three sessions. The benchmark, which hit a two-week low last week as equity markets dropped, is trading around $5 below a four-year high of $86,74 reached on October 3.

US light crude oil CLc1 was 80 cents lower at $71,12.

Official oil inventory data from the US Energy Department’s Energy Information Administration was due to be published at 1430 GMT yesterday.

A Reuters survey of eight analysts estimated crude stocks rose by about 2.2 million barrels last week.

On Tuesday, the American Petroleum Institute reported that US crude inventories fell by 2,1 million barrels in the week to October 12 to 408,5 million, surprising the market.

“Oil prices are retreating from the early morning strength as bulls are taking profit ahead of the EIA stats,” said Tamas Varga, an analyst at London brokerage PVM Oil.

“It is quite probable that higher numbers will be the order of the afternoon should U.S. commercial oil inventories fall.”

Also underpinning sentiment was the scandal over the disappearance of prominent Saudi critic and journalist Jamal Khashoggi, who disappeared two weeks ago after entering the Saudi consulate in Istanbul. Reuters.