12-08-2014, 10:48 PM
Brent oil hits 9-month low
DOW JONES NEWSWIRES AUGUST 12, 2014 10:45PM
Brent crude oil futures hit a nine-month low in Europe on Tuesday as dealers shrugged off fresh tensions in Iraq.
Iraq's president has appointed a new candidate as prime minister, but the incumbent, Nouri al-Maliki, refused to step aside, setting up a standoff as the government struggles to combat a rapidly advancing Sunni insurgency.
September Brent crude on London's ICE Futures exchange was down 0.8 per cent at $US103.88 a barrel, a level not seen since last November. On the New York Mercantile Exchange, light, sweet crude futures for delivery in September were down 0.7 per cent at $US97.35 a barrel.
In June, oil prices had spiked close to $US117 as the Islamist offensive picked up. This time around, analysts feel that there is only a limited risk that Iraqi oil supplies to the global market will be disrupted.
"Evidently, the majority of market participants still do not expect any supply outages in Iraq," said Commerzbank, especially given the ample supplies of oil globally.
The market will get some cues from the monthly oil-market reports of the International Energy Agency and US Energy Information Administration due later Tuesday. The American Petroleum Institute, a trade body, will also publish its weekly US oil inventory report later in the day.
ICE gas oil for August changed hands at $US875.25 a metric ton, down 0.9 per cent from Monday's settlement.
DOW JONES NEWSWIRES AUGUST 12, 2014 10:45PM
Brent crude oil futures hit a nine-month low in Europe on Tuesday as dealers shrugged off fresh tensions in Iraq.
Iraq's president has appointed a new candidate as prime minister, but the incumbent, Nouri al-Maliki, refused to step aside, setting up a standoff as the government struggles to combat a rapidly advancing Sunni insurgency.
September Brent crude on London's ICE Futures exchange was down 0.8 per cent at $US103.88 a barrel, a level not seen since last November. On the New York Mercantile Exchange, light, sweet crude futures for delivery in September were down 0.7 per cent at $US97.35 a barrel.
In June, oil prices had spiked close to $US117 as the Islamist offensive picked up. This time around, analysts feel that there is only a limited risk that Iraqi oil supplies to the global market will be disrupted.
"Evidently, the majority of market participants still do not expect any supply outages in Iraq," said Commerzbank, especially given the ample supplies of oil globally.
The market will get some cues from the monthly oil-market reports of the International Energy Agency and US Energy Information Administration due later Tuesday. The American Petroleum Institute, a trade body, will also publish its weekly US oil inventory report later in the day.
ICE gas oil for August changed hands at $US875.25 a metric ton, down 0.9 per cent from Monday's settlement.