Oil retreats, but risk lingers

INTERNATIONAL oil prices have started to retreat after another sharp run-up, but with Brent crude still above US$100 a barrel and supply risks in the Middle East unresolved, the pullback may offer only limited comfort to energy-importing countries such as Jamaica.

Brent fell about two per cent on Thursday to roughly US$103 a barrel, its lowest level in a week, while West Texas Intermediate slipped to just above US$100.

The decline followed moves by Saudi Arabia to offer additional crude through Oman and begin restoring capacity along its damaged East-West pipeline, easing some of the immediate concern about a deeper supply squeeze.