Brent, US Crude Slip On Dollar Strength, Ample Supply

Reuters

NEW YORK, June 2 (Reuters) - Brent and U.S. crude oil futures fell in choppy trading on Monday, weighed on by a stronger dollar and recent data showing rising OPEC oil production.

Brent July crude fell 58 cents to settle at $108.83 a barrel, after hitting $109.87 and then pulling back below Brent's 200-day moving average at $109.07.

U.S. July crude, also known by its West Texas Intermediate benchmark, fell 24 cents to settle at $102.47 a barrel, ending lower after touching $103.35 intraday.

The market earlier shrugged off a report from industry intelligence company Genscape that TransCanada Corp's Keystone Gulf Coast crude oil pipeline was shut and later news that TransCanada said it was conducting maintenance on the pipeline until Wednesday.

"Crude futures are seesawing and seem to be trying to find the next driver, while reports of rising exports from (OPEC members) Iraq and Iran and the ongoing strong U.S. production are weighing on the market," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.

Iraq's oil exports rose by 8 percent in May, and a terminal was inaugurated that will expand shipping capacity by 800,000 barrels per day, the Oil Ministry said on Sunday.

OPEC's oil output last month rose to a three-month high, a Reuters survey found on Friday, as increased supplies from Angola and a rise in exports from southern Iraq outweighed problems in Libya.


123

View Full Article

Copyright 2016 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
Senior Accounting Analyst Job
Expertise: Accounting|Budget / Cost Control|Financial Analyst
Location: Denver, CO
 
Associate Product Portfolio Manager Job
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
 
Project Manager
Expertise: Project Management
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $53.89/BBL 1.67%
Light Crude Oil : $50.84/BBL 2.14%
Natural Gas : $3.7/MMBtu 2.77%
Updated in last 24 hours