NEW YORK: Brent crude prices fell to a 14-month low yesterday, giving up early gains as recovering Libyan output, sustained Iraqi production and weak demand offset concerns about threats to supply.
“It is still under pressure from a combination of factors: plentiful supply, a lack of supply outages and weak refinery demand. In addition, the continued withdrawal of speculative financial investors is exacerbating the downward movement,” Commerzbank said in a research note.
Brent crude oil for delivery in October was down 25 cents at US$101.35 a barrel at 1418GMT, after falling to US$101.07, the lowest since June 2013, the same month Brent prices were last below US$100 a barrel.
US front-month September crude reversed and fell back a day ahead of its contract expiration and the U.S. October also pushed lower after giving up early gains.
US September crude was down 52 cents at US$95.89 and US October crude was off 37 cents at US$93.38. Reuters