Oil Down Slightly As Libya, Iran Supply Expectations Weigh

Reuters

NEW YORK, Jan 16 (Reuters) - Crude oil futures ended slightly lower in thin trade on Thursday as expectations of more supply from the Middle East and North Africa weighed against news of lower oil output from OPEC.

U.S. crude oil futures traded marginally lower over the day, and settled down for the second time this week. However, losses were capped by data showing a drop in jobless claims and a rise in consumer prices to their highest in six months in the world's largest oil consumer.

Brent largely held steady between an expected increase in supply from Libya and Iran and OPEC cuts.

"The overall trading range in Brent has been a narrow range" due to mitigating geopolitical factors, said Dominick Chirichella, a partner at Energy Management Institute.

Brent crude for February delivery expired down 4 cents at $107.09 a barrel, after settling 74 cents higher on Wednesday. Brent March crude oil, which becomes the front month on Friday, settled down 52 cents at $105.75 a barrel.

Losses in Brent were capped by an analyst's report that seaborne oil exports from the Organization of the Petroleum Exporting Countries, excluding Angola and Ecuador, will fall by 660,000 barrels-per-day (bpd) in the four weeks to Feb. 1.

U.S. crude settled down 21 cents at $93.96 a barrel, after ending $1.58 higher on Wednesday. The February contract expires on Tuesday, after the Martin Luther King, Jr. holiday on Monday. Floor trading on the New York Mercantile Exchange is shut on Monday and settlement prices will not be posted.


123

View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Channel Development Manager Job
Expertise: Business Development|Sales
Location: Minneapolis, MN
 
Pipeline Sales Representative 2
Expertise: Sales
Location: Washington, PA
 
US Denver: Trade Finance Specialist
Expertise: Energy / Commodity Trading|Financial Analyst
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours