Brent Oil Hit by Profit-Taking But Supported by Egypt
NEW YORK, Aug 19 (Reuters) - Oil prices ended the day slightly lower in lackluster trading on Monday as light profit-taking pressured prices but unrest in Egypt and the loss of Libyan oil exports put a floor under them.
Brent crude oil futures for October delivery settled 50 cents lower at $109.90 per barrel after trading as high as $111. Brent rose to a four-month high of $111.53 on Aug. 15.
Brent pressured oil products such as gasoline and ultra-low sulfur diesel lower late in the session, brokers said.
U.S. gasoline futures settled 3.4 cents lower at $2.93 a gallon. U.S. heating oil futures ended more than one cent lower at $3.07.
U.S. crude oil futures for September settled 36 cents lower at $107.10 per barrel. The September contract expires at the end of trading on Tuesday. October oil futures ended the day 43 cents lower at $106.86.
Traders were taking a "wait-and-see" approach ahead of the September contract expiration, said Andy Lebow, vice president at Jefferies Bache.
Traders were also paying attention to the spread between September and October futures
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