- MarketPulse - https://www.marketpulse.com -

Brent Oil down at $109 on Easing Supply Fears

Brent crude slid more than $1 a barrel on Tuesday, its seventh straight decline, with U.S. oil also falling as Libyan oil exports looked likely to rise, and fears eased over a supply disruption in Iraq.

Brent has shed more than 5 percent since last month, when the Iraq crisis drove prices to a nine-month high of $115.71. Brent’s premium over U.S. crude slid below $6 for the first time since mid-June.

Libya’s 340,000 barrel per day (bpd) El Sharara oilfield has resumed operations after a four-month strike, a spokesman for state-run National Oil Corp (NOC) said. This may free more oil for export after last week’s port deal with rebels.

CNBC [1]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.


Latest posts by marketpulsefxstaff (see all [4])