A pumpjack brings oil to the surface in the Monterey Shale, California, U.S., April 29, 2013.
Global benchmark Brent fell 37 cents to $81.50 a barrel by 10:57 a.m. EDT (1457 GMT). On Tuesday, Brent oil hit $82 per barrel for the first time since 2014. U.S. crude futures rose 20 cents to US$72.28 a barrel, close to the highest since mid-July.
Crude prices have also been affected by unexpected disruptions in several countries, including Libya, Nigeria and Venezuela. "The complex had a strong upside run and is entitled to a correction", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
Quite frankly, if we pull back from here it should be looked at as a potential buying opportunity and what should be a very bullish market going forward as the trade wars heat up, one of the sanctions that has been put on is the Iranian oil sanctions, and that has a tightening effect on supply obviously.
However, oil prices rising is nothing new in the face of the global market.More news: Mourinho: Pogba will never captain United again
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Global benchmark Brent is on course for its fifth consecutive quarterly increase, the longest stretch since early 2007, when a six-quarter run led to a record high of US$147.50 a barrel.
"OPEC - and OPEC nations - are, as usual, ripping off the rest of the world".
OPEC and non-OPEC including Russia, Oman and Kazakhstan, met at the weekend to discuss a possible increase in crude output.
"If he wants the price of oil not to go up and the market not to get destabilized, he should stop unwarranted and disruptive interference in the Middle East and not be an obstacle to the production and export of Iran's oil".
According to Mr. Jaeggi, "We're on the verge of some significant volatility in Q4 2018 because depending on the severity and duration of the Iranian sanctions, the market simply does not have an adequate supply response for a 2 million barrel a day disappearance of oil from the markets".