LONDON: Oil held steady around US$107 yesterday, as plentiful supply countered any premium to prices caused by concern over conflicts in the Middle East and Ukraine.
Brent crude for September delivery traded 14 cents higher at US$107.21 by 1020GMT.
US crude for September delivery appreciated by 10 cents to US$102.17, after settling US$1.05 lower.
“There is ample prompt supply of crude oil, but the geopolitics in Ukraine, Gaza, Iraq and Libya is providing support,” said Olivier Jakob, an analyst at Petromatrix in Zug, Switzerland. Reuters