Brent Oil down to $112.50 as Stockpiles Weigh

U.S. crude futures held steady above $105 a barrel in early Asian trade on Wednesday on worries about supply disruption, although gains were capped by an industry report showing U.S. stockpiles fell less than expected.

U.S. crude gained 2 cents to $105.36 by 2348 GMT, after ending at $105.34 a barrel, its lowest settlement since June 11. Brent futures ended 7 cents down at $112.29, also at its lowest since June 11.

The world’s unused spare oil production capacity would struggle to cover for another big outage, industry officials and analysts say, increasing the chance governments may tap strategic reserves should Iraq’s southern exports be disrupted.

CNBC

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