Oil slipped from 18-month highs around $87 a barrel yesterday, falling after six consecutive daily rises, as the dollar strengthened and US government data showed a bigger-than-expected increase in crude inventories.
In London, Brent crude oil fell 54c to $85.61 a barrel (R3.90 a litre) yesterday. Sweet light crude oil fell 80c to trade at $86.04 a barrel in New York. On Tuesday, US crude reached an intraday peak of $87.09 a barrel, its highest since October 2008.
"We think the current rally in crude, although still looking formidable on the charts, is getting long in the tooth, and due for a modest pullback, especially if the dollar regains its strength in the wake of continued euro-zone jitters," said Edward Meir, a senior commodities analyst at brokers MF Global.
"The dollar rise is capping gains across the board," said Daniel Briesemann, an analyst at Commerzbank.
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