Prices hit three-month highs

By Vahe Petrossian London

 09 August 2012 22:59 GMT

Oil prices have moved up since late last week, with benchmark Brent crude going well above $110 per barrel, encouraged by falling US inventories and positive ­economic indicators.

On Wednesday, prices were at three-month highs, having risen by about one quarter since June.

Brent rose by $0.72 to $112.72 per barrel in late afternoon trading on Wednesday. At one stage, it was selling at well over $113 per barrel.

In New York, US light was fetching $94.20, up $0.53, per barrel in late morning trading, having ­earlier traded at almost $95 per barrel.

The Energy Information ­Administration released data in mid-morning showing across-the-board falls in crude and product inventories in the previous week.

Crude was down 3.7 million barrels at 369.9 million barrels,…

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