Brent Holds Above $98 Despite Weak Demand
Brent crude held above $98 a barrel on Friday, heading for its worst week in six as concerns over weak demand outweighed geopolitical worries in the Middle East and Ukraine. Weaker oil demand in China and Europe had caused growth in global oil demand to soften at a remarkable pace, the International Energy Agency said in its monthly report released on Thursday. The West's energy watchdog cut its demand growth projections by 150,000 barrels per day (bpd) to 900,000 bpd for 2014 and by 100,000 bpd to 1.2 million bpd in 2015. Brent is down 3 percent for the week so far, headed for its biggest weekly loss since the week to Aug. 1. The October contract had fallen a cent to $98.07 by 0647 GMT after a 4-cent gain in the previous session snapped a 5-day losing streak. U.S.
Brent steady, holds above $108 as Ukraine crisis worsens
U.S. crude stocks likely rose 2.2 mln barrels last week. Brent futures were steady on Tuesday and held above $108 a barrel as a worsening crisis over Ukraine stoked supply disruption fears, while concerns over demand growth from the world's two biggest oil consumers kept a lid on gains. In the worst East-West standoff since the Cold War, Russia said the United States had spurned an invitation to hold new talks on resolving the Ukraine crisis, the latest instance of attempts of finding a diplomatic solution stalling. The United States will also begin previously planned military training exercises in the region. Brent futures were unchanged at $108.08 a barrel by 0255 GMT, recovering from a low of $107.83 touched earlier.
