Rising Supply Dents Oil Gains
Oil prices fell for a third day on Thursday, following a surprise increase in U.S. crude inventories that added to existing concern about the rapid rise in global crude supply.Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help to compensate for an anticipated shortfall in Iranian crude supplies once U.S. sanctions come into force later this year.Brent crude futures were last down 33 cents at $72.06 a barrel by 1200 GMT, while U.S. crude futures fell 55 cents to $67.11."There's been a lot of bearish news over the last week. We've seen the OPEC July numbers increasing quite drastically month-on-month and along with that…
Brent Slips Below $109 as Severe Winter Eases
Brent crude futures slipped on Friday below $109 a barrel on expectations demand growth will slow as severe winter weather eases, with supply worries keeping the losses in check for now. A severe winter chill in the United States and Europe and supply disruption worries from the Middle East have supported oil in the early going this year, bucking broad weakness across other risk assets such as base metals. But with weather patterns improving, crude prices are set to come under pressure as demand for heating fuels eases. Global oil supplies also look to be rising. Brent crude fell 20 cents to $108.76 a barrel by 0519 GMT, after dropping 56 cents in the previous session. The contract is set to end the week down 1 percent, the most in four weeks; it has gained more than 2 percent in February.