Oil retreated today, a day after hitting a record high above $100 a barrel, as investors focused on a US report expected to show crude stockpiles rose for a sixth week.
US crude stocks were expected to rise by 2.3 million barrels. The Energy Information Administration report will be released tomorrow, a day later than usual, due to Monday's holiday.
Oil slid $1.19 to $98.82 a barrel by 14.35pm, having risen nearly 5 per cent, or $4.51, to a record peak of $100.10 yesterday.
London Brent crude fell $1.45 to $97.11. "It's a bit of a correction after the strong rally yesterday," said Christopher Bellew, senior vice president at Bache Commodities. "It looks like it's going to be a downward day today."
The latest peak for US crude was 1 cent above the previous record high of $100.09 reached on January 3rd.
Strength in gas oil limited the decline for crude because of a tight market in Europe and cold weather, dealers said. The March gas oil contract was up $3.25 at $882.50 a tonne.