Oil prices mixed amid choppy trade

Reported by AAP
Saturday, August 18, 2012

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World oil prices are mixed, as US-sold crude continues recent gains which have sent it to three-month highs and Brent trends in the opposite direction.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for September, rose 41 cents to $96.01 a barrel.

Brent North Sea crude for delivery in October fell $1.56 to $113.71 a barrel, for largely technical reasons.

"The drop in price is largely the result of the contract rollover. The October contract, which from today represents the reference price, was trading $2.50 lower than the September contract at the time of the rollover," said analysts at Commerzbank.

US oil prices had spiked on Thursday thanks to a brighter demand outlook for the world's biggest economy.

They continued that path on Friday.

Prices have also won support this week from fresh hopes of more economic stimulus measures by central banks - and notably by the central bank in commodities-hungry China.

Crude futures were also lifted by Middle East unrest and tight North Sea crude supplies, traders said.

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