Investing.com - Crude futures carried Monday's losses into
Tuesday on expectations for Libyan oil exports to resume flowing
out of the country after the government and rebels ended a standoff
that had closed several facilities and ports.
In the New York Mercantile Exchange, West Texas Intermediate
crude oil for delivery in August traded at $103.05 a barrel during
U.S. trading, down 0.47%. New York-traded oil futures hit a session
low of $103.02 a barrel and a high of $104.13 a barrel.
The August contract settled down 0.51% at $103.53 a barrel on
Nymex oil futures were likely to find support at $101.89 a
barrel, the low from June 9, and resistance at $106.09 a barrel,
the high from July 1.
Fears that military conflicts in the Middle East will disrupt
supplies continued to wane on Tuesday and allow
Libya recently struck a deal with rebels occupying oil ports
under terms that would have insurgents give up control over
terminals that have been closed for a year.
The deal should add 500,000 barrels per day of crude back into
the global energy market, and the news sent futures falling on
expectations for global supply to rise.
Meanwhile, expectations for the Iraqi insurgency to remain to
the north of the country's oilfields also allowed prices to dip,
though last week's upbeat U.S. jobs report cushioned losses.
Investors also avoided the commodity ahead of the release of the
Federal Reserve's minutes from its June policy meeting on
Elsewhere, on the ICE Futures Exchange in London, Brent oil
futures for August delivery were down 1.26% and trading at
US$108.86 a barrel, while the spread between the Brent and U.S.
crude contracts stood at US$5.81 a barrel.
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