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Markets

NYMEX crude oil prices steady in Asia with focus on Middle East, Russia

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Investing.com -

Investing.com - Crude oil prices held steady in ASia on Monday with the focus on events in Iraq and the MIddle East broadly as well as Russia and Ukraine with global supplies, for now, seen more than ample.

On the New York Mercantile Exchange, Crude Oil for delivery in September held steady to higher at $97.65 a barrel, down 0.01%.

Last week, Brent Oil futures reversed gains on Friday to end the session lower amid speculation that U.S. airstrikes against Islamic militants in northern Iraq will stabilize supplies from OPEC's second-largest producer.

On the ICE Futures Exchange in London, Brent oil for September delivery rose to a session high of $106.85 a barrel, the most since July 30, before settling at $105.02 by close of trade, down 0.4%, or 42 cents.

U.S. President Barack Obama authorized air strikes in Iraq to halt a Sunni insurgency there and to protect Iraqi civilians from the uprising as well as U.S. personnel in 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, news reports that Russia ended military exercises on the Ukrainian border eased concerns that an invasion could take place.

In the week ahead, investors will be continuing to monitor geopolitical risk, while preliminary data on second quarter growth from the euro zone will be closely watched.

Markets watchers will also be looking ahead to U.S. report on July retail sales for further clues about the U.S. economy and the timing of future interest rate hikes.

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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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