LONDON (ICIS)--Crude oil futures opened on Monday in negative territory and drifted lower during the early hours, pressured by a rise in Libyan oil production over the weekend and a slight easing of tensions in Ukraine.
As Europe opened for business, both benchmark contracts recouped a little of the lost ground, but then went into decline again to take Brent into 3-digit losses. They then became range bound for the rest of the morning, before again recouping some of the losses prior to the US opening.
Both then fell sharply again with Brent leading the way to eventually post losses of over $2/bbl, whereas the NYMEX held up somewhat better.
Both continued the downward trend for a while, but Brent then made a reasonably decent recovery prior to the close. Meanwhile, the front month NYMEX contract made a better recovery than the outer months.
October Brent closed the day down $1.93/bbl at $101.60/bbl, having traded between $101.11/bbl and $103.30/bbl.
September West Texas Intermediate (WTI) closed the day down 94 cents/bbl at $96.41/bbl, having traded between $95.81/bbl and $97.16/bbl.
Additional reporting by Kawai Wong