RTRS:Brent falls $1 from 12-week high, stimulus eyed
LONDON Aug 8 (Reuters) - North Sea Brent crude oil futures fell more than $1 per barrel on Wednesday, retreating from 12-week highs reached the previous session but still supported by hopes for more economic stimulus measures on both sides of the Atlantic.
Brent has risen more than 25 percent since the end of June and hit $112.56 on Tuesday, its highest since mid-May, on expectations the world's largest economies would take more measures to boost growth.
Brent crude futures for September fell $1.15 to a low of $110.85, before recovering slightly to trade around $111 by 1020 GMT. U.S. crude was down 70 cents at $92.97.
Eugen Weinberg, global head of commodities research at Germany's Commerzbank, said Wednesday's price retracement was probably just a consequence of recent sharp gains:
"It is just profit taking," Weinberg said. (Reporting by Christopher Johnson; Editing by Alison Birrane)
