OIL

Prices fluctuated yesterday as petrol declined for the first time in six days on estimates that a supply shortage in New York Harbour will ease and as the euro strengthened against the dollar.

Brent for November fell 19c to $112 a barrel (R5.89 a litre) in London in the afternoon. US crude gained 16c to $92.64.

Prices were little-changed as petrol pared last week’s 14 percent gain. The euro advanced with Spanish and Italian bonds before the European Central Bank meets tomorrow. Oil supplies probably increased for the third time in four weeks through Friday, a Bloomberg survey showed before a government report today.

“[Petrol] had a huge run last week but it’s starting to come off and it’s putting pressure on crude,” Tariq Zahir, a commodity fund manager at Tyche Capital Advisors, said. “We are going to have some inventory build [today]. The euro is getting stronger and that could be supportive.” – Bloomberg