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Brent crude dips after 12-week highs

8th August 2012

The price of Brent crude dipped slightly this morning (August 8th) after it hit a 12-week high in the previous trading session.

Concern about how maintenance in the British sector of the North Sea will affect supply and hope of further monetary easing from US and European Central Banks were enough to keep prices above £111 per barrel.

After three days of gains, the price of Brent crude dipped 66 cents to $111.34 at 07:00 GMT. However, it did brake the strong resistance seen at $111.2 - the 200-day moving average.

This is mainly due to the fact that supply of crude that underpins the Brent contract is expected to drop to during September.

Meanwhile, US crude was down 51 cents - it was still trading at $93.16 after prices were supported by a fire at a refinery.

Oil could find more support from an impending hurricane threat that could affect supplies in the US.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.