Oil prices steadied today after three consecutive sessions of losses as traders reacted cautiously to weekly US oil inventory data and two unexplained plane crashes in Russia.
In London, the price of benchmark Brent North Sea crude oil was up just one cent at $42.33 a barrel in late trading. New York's main contract, light sweet crude for October delivery, gained nine cents to $45.30 this afternoon, far below Friday's all-time high of $49.40.
Traders initially showed some nervousness over news of two near simultaneous plane crashes in Russia, which prompted speculation of possible terrorist involvement. But the market's attention later switched to weekly estimates of US oil stock levels.
Crude oil inventories in the week to August 20 dropped 1.7 million barrels to 291.3 million, the Energy Department said, the fourth consecutive weekly drop. But petrol stocks were steady at 205.7 million.
Oil prices have fallen heavily in recent days in response to a pick-up in oil flows from Iraq and fading fears of a strike in Venezuela.
