Brent oil futures trade near 14-month low as global tensions ease

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Investing.com - Brent oil futures traded near the previous session's 14-month low on Tuesday, as concern eased over global conflicts from Ukraine to Libya and Iraq.


On the ICE Futures Exchange in London, Brent oil for October delivery fell 0.37%, or 38 cents, to trade at $101.23 a barrel during U.S. morning hours. Prices hit a session low of $101.16 earlier in the day.

On Monday, London-traded Brent prices fell to $101.11 a barrel, the lowest since June 26, 2013.

U.S. President Barack Obama said that the U.S. will continue "limited" airstrikes against Islamic State militants, which have helped Iraqi and Kurdish forces retake the Mosul dam and halted the advance of militants from the Islamic State on the city of Erbil.

Market analysts said U.S. airstrikes might lower the risk of oil supply disruptions from the country.

Iraq produced approximately 3.5 million barrels a day of oil last month, making it OPEC's second-biggest oil producer behind Saudi Arabia.

Meanwhile, Ukrainian Foreign Minister Pavlo Klimkin met Russian counterpart Sergei Lavrov for more than five hours of talks in Berlin on Monday, in hopes of reaching a ceasefire or a political solution to the four-month old conflict in eastern Ukraine.

Oil traders have monitored tensions between Ukraine and Russia for months, amid concerns that Western sanctions against Russia could halt the country's oil exports.

Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in October shed 0.3%, or 28 cents, to trade at $93.47 a barrel.

New York-traded oil futures hit $93.41 a barrel earlier in the day, the weakest level since January 15.

Traders awaited key U.S. weekly supply data to gauge the strength of oil demand from the world's largest consumer.

The American Petroleum Institute will release its inventories report later in the day, while Wednesday's government report could show crude stockpiles fell by 1.5 million barrels in the week ended August 22.

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