Crude down $1/bbl as supply fears ease, WTI close to $105/bbl

06 August 2013 16:34  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures fell over $1.00/bbl on Tuesday to take the front-month September WTI contract close to $105:00/bbl as supply fears eased. 

Production at the North Sea Forties system came back on stream following a five-day maintenance closure and Libyan production continued to pick up following the end of recent strikes.

However, concerns over escalating violence in the Middle East after both the US and the UK advised their citizens to leave the Yemen following threats of a potential major terrorist attack by al-Qaeda gave some support to the market, limiting the losses.

The weekly US stock data was also forecast to show draws on both crude and gasoline.

By 14:30 GMT, September NYMEX crude had hit a low of $105.27/bbl, a loss of $1.29/bbl from the Monday close of $106.56/bbl, before recovering to around $105.40/bbl.

At the same time, September Brent crude on ICE Futures was trading around $107.80/bbl, having hit a low of $107.63/bbl, a loss of $1.07/bbl from the previous close of $108.70/bbl

By: Tony Dillon
+44 20 8652 3214

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