CRUDE SUMMARY: Futures fall as concerns about Iraq ease

26 June 2014 20:41 Source:ICIS News

LONDON (ICIS)--The markets opened on Thursday in positive territory, but both benchmark grades went into a steady decline through the early hours as concerns eased over possible disruption to Iraqi exports.

Both dipped into negative territory, but regained some ground before becoming relatively range bound through to the European opening.

They popped higher in early trading, but failed to make any sustained run to the upside and eased back into some choppy trading in mildly negative territory until just before midday.

Prices then took a sharp drop prior to the US opening.

However, while Brent found some support to regain a little ground, the NYMEX continued to decline as the White House said there was no chance of lifting the 40-year old crude export ban, and it eventually dragged Brent down with it.

Both staged a decent recovery over the next few hours, only to collapse again in late trading to take Brent down to new lows.

August Brent closed the day down 79 cents/bbl at $113.21/bbl, having traded between $103.11/bbl and $114.29/bbl.

August West Texas Intermediate (WTI) closed the day down 66 cents/bbl at $105.84/bbl, having traded between $105.03/bbl and $106.81/bbl.

By Tony Dillon