Brent Oil Remains Below $102 as Mideast Crude Supply Stays Safe

Brent fell for a second day amid speculation that Middle East crude supplies will remain safe amid turmoil across the region. West Texas Intermediate slid in New York after a technical issue disrupted electronic trading.

Futures dropped as much as 0.6 percent in London. Libya’s production increased even as Islamist militias seized Tripoli’s international airport, while supply from Iraq remained unaffected by a dispute over the formation of a new government. CME Group Inc., the world’s largest futures market, halted most of its Globex platform for about four hours, suspending contracts including oil and commodities.

“The region is in chaos but production continues to rise,” Robin Mills, the head of consulting at Manaar Energy Consulting and Project Management, said by phone from Dubai. “Brent’s been pretty weak. Global demand is still sluggish.”

Bloomberg

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