Oil falls to lowest price in two weeks

Following Bernankes comments regarding US inflation risks and associated intervention options to support the currency, the collar staged a rally which saw oil fall to its lowest level for two weeks.

US WTI sits at around $124.50 this morning with Brent crude at $124.60 ahead of EIA data this afternoon which is expected to show stock rises in crude, distillates and gasoline reflective of slowing demand.