Oil holds at highest levels in 9 months

Oil drilling rigs

Oil prices were steady at the highest levels in nine months today, Aug. 10, supported by the first rise in US inventories in four weeks, and ahead of the release of inflation data.

Brent crude futures for October delivery fell 0.11%, or 10 cents, to $87.45 a barrel, at 08:05 am Makkah time, after closing the previous session at the highest level since Jan. 27.

West Texas Intermediate (WTI) crude contracts for September delivery was at $84.33 a barrel, after rising 3% in the past two sessions.

Concerns remain over a potential escalation of tensions between Russia and Ukraine after a Ukrainian drone attacked a Russian-flagged oil tanker over the weekend in the Black Sea, a major corridor for the country's exports.

Meanwhile, inflation data in the United States is scheduled to be released today, with expectations that it will remain unchanged at 3% in July, which may affect the Federal Reserve's decision in the September meeting.