Brent Plunges To 5-Month Low On China, Europe Factory Data
Further weighing on Brent, a rebel group in eastern Libya will agree with the government to end its blockade of three, vital oil export ports within days, a senior rebel leader told Reuters on Tuesday. Together, those ports accounted for exports of 600,000 barrels per day (bpd) before they were occupied by rebel groups last summer.
Libya's oil exports have fallen to less than 100,000 bpd from a post-civil war peak of more than 1 million bpd.
Brent crude settled $2.14 lower at $105.62 per barrel, its lowest settlement since Nov. 8. U.S. crude fell $1.84 to $99.74 per barrel.
"Crude is being pressured by the disappointing China data and expectations for further crude oil inventory builds in the United States," said John Kilduff, partner at Again Capital LLC in New York. "There was a technical breakdown as well with U.S. crude pushing below the 200 and 50-day moving averages."
U.S. crude fell to a session low of $99.47 per barrel, below two key technical levels, the 200-day moving average at $100.49 per barrel and the 50-day moving average at $99.91 per barrel.
Once a price falls below technical levels, it continues to slide lower, Kilduff said.
Brent's premium over U.S. crude <CL-LCO1=R> tightened 30 cents to settle at $5.88, the narrowest settlement since Oct. 4.
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