Brent crude oil fell towards $102 a barrel on Thursday, depressed by ample supply and lacklustre demand as global economic growth remains tepid.
Oil supply is expected to exceed demand this year, analysts forecast, and crude oil benchmarks on both sides of the Atlantic Basin are on track to post a second monthly decline.
Political instability in Iraq and Libya continued to weigh on investors' minds even though oil exports from the two countries have actually risen in recent months.
Oil supply is expected to exceed demand this year, analysts forecast, and crude oil benchmarks on both sides of the Atlantic Basin are on track to post a second monthly decline.
October Brent crude was down 25 cents at $102.47 a barrel by 0800 GMT. Last week, the contract hit a 14-month intraday low of $101.07 and it has been unable this week to break out of the $102-$103 range.
US crude slipped after news of the fire at BP's largest refinery in the United States. The October contract was last down 40 cents at $93.48 a barrel
US crude slipped after news of the fire at BP's largest refinery in the United States. The October contract was last down 40 cents at $93.48 a barrel
No comments:
Post a Comment