Brent crude inched down on Tuesday, but held near $107 a barrel as worries over conflict in the Middle East and North Africa supported prices.
Several soldiers were killed and aircrafts were damaged in Libya on Monday, as rival militias in the OPEC nation fought for control of Tripoli's airport in the worst violence for six months.
Several soldiers were killed and aircrafts were damaged in Libya on Monday, as rival militias in the OPEC nation fought for control of Tripoli's airport in the worst violence for six months.
Brent futures had dropped 18 cents to $106.80 a barrel by 0423 GMT, after climbing 32 cents to settle at $106.98 in the previous session. Prices remain near their lowest in three months.
U.S. crude climbed 5 cents to $100.96 a barrel, consolidating an 8-cent gain from the day before.
Brent has steadily fallen since prices soared to a nine-month high of $115.71 in mid-June. That climb came after Islamic insurgents took control of swathes of northern and western Iraq, although output from the main southern oilfields has remained unaffected by the violence.
But Brent could rise again as traders take forward positions on expectations there will be further threats to oil supplies in Iraq, Nunan said.
Investors are also waiting for U.S. oil inventory data on Tuesday, after a Reuters poll of analysts forecast a 2 million barrel drop in stocks last week as refiners increased activity, while gasoline and distillate stocks both rose.
U.S. crude climbed 5 cents to $100.96 a barrel, consolidating an 8-cent gain from the day before.
Brent has steadily fallen since prices soared to a nine-month high of $115.71 in mid-June. That climb came after Islamic insurgents took control of swathes of northern and western Iraq, although output from the main southern oilfields has remained unaffected by the violence.
But Brent could rise again as traders take forward positions on expectations there will be further threats to oil supplies in Iraq, Nunan said.
Investors are also waiting for U.S. oil inventory data on Tuesday, after a Reuters poll of analysts forecast a 2 million barrel drop in stocks last week as refiners increased activity, while gasoline and distillate stocks both rose.
No comments:
Post a Comment