Oil steadies after four-session rally

Brent and WTI held near multi-week highs in early Thursday trade after both benchmarks closed at their strongest levels since late July.

Staff Writer
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Article summary

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Brent and WTI futures steadied in early Thursday trade after both benchmarks closed at their highest levels since 24 July. Brent edged up to $91.87 per barrel while the most-traded WTI October contract added 14 cents to $84.53.

Key points

  • Brent crude rose 25 cents to $91.87 per barrel on Thursday
  • WTI September futures dipped two cents to $85.81 per barrel
  • Both benchmarks hit multi-week highs in Wednesday's session

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Oil prices steadied at the open on Thursday, with Brent and WTI futures moving in opposite directions after four consecutive sessions of gains.

At 00:37 GMT, Brent crude futures for October delivery rose 25 cents, or 0.3%, to $91.87 per barrel. US West Texas Intermediate futures for September delivery slipped two cents to $85.81 per barrel. The more actively traded October WTI contract added 14 cents, or 0.2%, to reach $84.53 per barrel.

Both benchmarks had settled at their highest levels since 24 July in Wednesday’s session, capping a four-day winning streak driven by persistent uncertainty over global supply.