Crude oil pressured by ample global supplies; Brent below $103
ecPulse
2014-08-22 09:06AM UTC
Oil futures moved in a rangebound Friday, with Brent holding below $103 a barrel pointing to second straight weekly loss amid easing geopolitical tensions and increasing global supplies. As of 06:45 GMT, West Texas Intermediate for delivery in October traded around $93.90 a barrel - the lowest level since Janaury - compared with the opening level at $93.85. The contract set a session high at $94.03 and low at $93.71. The latest data from China added to signs of slowing demand, after a survey country`s factory activity showed that growth in the sector slowed to a three-month low in August. China is the world`s second-biggest oil consumer. Also weighing on the sentiment, business growth across Europe slowed this month. However, US activity picked up speed, leaving a mixed picture of global economic growth. The European benchmark Brent lost more than $10 since mid-June, as investors see fading risk of a disruption from the Middle East and Africa. The pressure on oil prices remains to the downside in general, with easing geopolitical tension around the world, and especially in Libya and Iraq. Earlier this week, Russia`s second-biggest oil producer Lukoil said it had shipped 1 million barrels of oil produced from southern Iraq`s giant West Qurna-2 oilfield, its first shipment from the field. In Libya, the total oil production had risen to 562 thousand barrels per day from 535 thousand at the weekend, a spokesman for National Oil Corp said. Brent for October delivery traded around 102.03 a barrels, compared with the opening level at $102.67. Pressure was still evident on the dollar-denominated commodities, as the greenback hit the highest level in almost a year against a six-currency basket on Thursday, following a positive run of economic data from the world`s largest economy. As of 05:02 EST, the USDIX traded around 82.12 from 82.17, pushing off the 11-month high of 82.36 hit yesterday.
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