Oil Prices Reverse Course, Taking a 0.8-0.7 Per Cent Hit

Global crude oil prices have taken an unexpected turn today, reversing earlier gains. Brent crude was trading down 0.8 per cent at $90 per barrel in intra-day trade. West Texas Intermediate crude followed suit, dropping 0.7 per cent to $83 and 83 cents per barrel.

The sudden reversal has left investors wondering what caused the shift. The prices of both Brent and West Texas Intermediate had been on the rise earlier in the day before reversing course.