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
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
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
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
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