Prices retreat slightly from four-month highs

Oil prices slipped yesterday (September 13) from fourmonth highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens. Benchmark Brent crude oil was down 65 cents a barrel at $79.09 (Dh290) while US light crude fell $1.15 to a low of $69.22 a barrel.

“A bout of profit-taking is pushing the energy complex (down) after two days of stellar gains,” said Stephen Brennock, markets analyst at brokerage PVM Oil.

The International Energy Agency has said that although the oil market was tightening at the moment and world oil demand would soon reach 100 million barrels per day (bpd), global economic risks were mounting. “Things are tightening up,” the agency said in its monthly report.

US companies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey, prompting US business lobbies to urge US shortterm, the outlook is for tighter supply. Brent rose above $80 per barrel on Wednesday (September 12) for the first time since May.