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Brent oil futures hit 13-month low, WTI steady ahead of supply data

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Investing.com -

Investing.com - Brent oil futures tumbled to a 13-month low on Wednesday, as global supplies were seen as ample despite ongoing violence in Ukraine and the Middle East.

On the ICE Futures Exchange in London, Brent oil for September delivery fell 0.36%, or 37 cents, to trade at $102.65 a barrel during European morning hours.

The September Brent contract hit a session low of $102.37 earlier, the weakest level since July 1, 2013.

Meanwhile, the more actively-traded October Brent contract slumped 0.29%, or 30 cents, to trade at $103.59 a barrel.

In its July monthly oil-market report released Tuesday, the International Energy Agency cut its global demand forecast for both 2014 and 2015, and said markets remain well supplied despite armed conflict in Libya, Iraq and Ukraine.

Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in September eased up 0.05%, or 4 cents, to trade at $97.42 a barrel.

Investors awaited the release of weekly supply data out of the U.S. later in the session to gauge the strength of oil demand from the world's largest consumer.

Wednesday's government report was expected to show that U.S. crude oil stockpiles fell by 2.0 million barrels last week, while gasoline stockpiles were forecast to decline by 1.1 million barrels.

After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 229,000 barrels in the week ended August 8, compared to expectations for a decline of 2.0 million barrels.

The report also showed that gasoline stockpiles increased by 2.7 million barrels, while distillate stocks fell by 2.6 million barrels.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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