LONDON: Brent crude oil steadied around US$107 yesterday as ample supply offset political tensions in the Middle East, Africa and Europe.
“The likelihood of a supply disruption remains extremely low as the ability of other regions to respond, particularly the United States energy sector, remains high,” analysts at Goldman Sachs led by Jeffrey Currie said in a note.
Brent crude fell nine cents at US$107.48 by 1210GMT, up from an intraday low of US$107.37, after dropping nearly 0.8 per cent in the previous session. US crude dropped 55 cents to US$101.11, near a 1½-week trough of US$100.90 hit on Monday.
Crude exports from Iraq stayed near record levels as oil output in the south remained untouched by a conflict with Islamist militants. Reuters