LONDON: Brent crude dipped below US$108 a barrel yesterday as unseasonably weak demand from European refiners and plentiful supplies offset strong Chinese factory data.
Brent for September delivery was down 30 cents at US$107.73 by 1117GMT, after closing 70 cents higher on Wednesday. US crude was down 28 cents at US$102.84, after gaining 73 cents in the previous session.
“Oil is moving in a small range. It opened relatively high and was supported in Asia on the back of the Chinese/HSBC data,” said senior commodity strategist at Saxo Bank.Reuters