"Prices have risen on the back of the death of King Fahd. However, as that does not affect fundamentals, people have overcooked the market and so the rises are unsustainable. The market should come off quite a bit."

One IPE player said, as front-month September IPE Brent futures traded at a record all-time high of $61.09/bbl, Wednesday.

"I would be surprised if there was large buying above all-time highs, especially with no hurricane news reported."

A trader said, as front-month September IPE Brent futures traded at a record all-time high of $61.09/bbl, Wednesday.