Oil Rises After Libya Risk Back in Play

Brent crude reversed losses to trade little changed in London amid continued turmoil in Libya and Iraq. West Texas Intermediate was steady in New York after a technical issue disrupted electronic trading.

Futures dropped as much as 0.6 percent in London. Islamist militias seized Tripoli’s international airport in Libya, as political factions struggled to form a new government in war-torn Iraq. 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.

Brent for October settlement declined as much as 64 cents to $101.65 a barrel on the London-based ICE Futures Europe exchange and rose to $102.59 at 1:28 p.m. London time. The volume of all contracts traded was about 63.7 percent below the 100-day average. Prices are down 7.8 percent this year and the contract decreased 34 cents to $102.29 on Aug. 22.

WTI for October delivery was 14 cents higher at $93.79 a barrel in electronic trading on the New York Mercantile Exchange. It was at a discount of $8.78 to Brent, compared with a close of $8.64 on Aug. 22.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza