Oil Prices Tumble On Oversupply, Weak Demand


NEW YORK, Aug 1 (Reuters) - Brent and U.S. crude futures tumbled on Friday to the lowest settlement prices in months, as oversupply in the Atlantic basin and low demand outweighed worries over political tensions in the Middle East, North Africa and Ukraine.

Oil prices ended the week down more than 3 percent, as forecasts for a supply glut in West African and European markets dragged Brent below $105 a barrel and U.S. crude below $98.

"Since June 23, the market's been going down," said Andy Lebow, vice president at Jefferies Bache in New York. "This looks like an extension of a pretty significant bear market."

Brent crude slid $1.18 to settle at $104.84 a barrel, its lowest settlement since April 2.

U.S. crude fell 29 cents to settle at $97.88 a barrel, the lowest settlement since Feb. 6. U.S. crude notched its biggest weekly decline since January, almost 4.5 percent.

U.S. crude's discount to Brent <CL-LCO1=R> closed at $6.96.

U.S. RBOB gasoline prices led the complex lower, settling at $2.7443 a gallon, then fell more in post-settlement trading, hitting the lowest since February.


View Full Article

Copyright 2016 Thomson Reuters. Click for Restrictions.


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.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Contracts Advisor
Expertise: Budget / Cost Control|Contracts Engineer|Supply Chain Management
Location: San Ramon, CA
Maintenance Services Sales Director
Expertise: Sales
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours