LONDON: Crude oil prices eased on Thursday as financial markets focused on Scotland's independent vote, while reacting to US data and uncertainty over OPEC's production outlook.
US benchmark West Texas Intermediate for delivery in October dipped eight cents to $94.34 a barrel.
Brent North Sea crude for November slipped 12 cents to stand at $98.85 a barrel in London afternoon deals.
"The nervousness is likely to remain on the market in the short term," said Commerzbank analysts in a note to clients.
"Today sees Scotland holding its independence referendum. Although this has no direct influence on the current supply/demand situation, oil prices could react nonetheless."
Oil prices were meanwhile under pressure "after the US Department of Energy reported an unexpected increase of US crude inventories by 3.7 million barrels instead of the market forecast for a 1.2 million decline," said analysts at Singapore's United Overseas Bank (UOB).
UOB said oil prices took a hit also after "conflicting reports" about the possibility of the Organization of the Petroleum Exporting Countries (OPEC) cutting its output in November because of global supply glut and weaker demand.
OPEC secretary general Abdullah El-Badri this week said that the cartel would cut output in November, which helped lift prices from a two-year low.
But a Dow Jones Newswires report, citing unnamed OPEC delegates, said the organisation was unlikely to cut in November.
A stronger dollar added downward pressure on oil, which is traded in the US unit and becomes more costly for buyers using weaker currencies.
The greenback rose after the Federal Reserve stuck to its timetable on hiking interest rates but indicated they could eventually rise more sharply than initially envisaged.
Comments
Comments are closed for this article.