Brent Falls To 13-Month Low On Demand Concerns, Ample Supply

Reuters

NEW YORK, Aug 12 (Reuters) - Brent crude oil fell to a 13-month low on Tuesday as increased OPEC production helped dampen concerns over potential supply disruptions in Iraq and Libya.

As well, worries about demand for petroleum were fueled by a plunge in German analyst and investor market sentiment to the lowest level in more than 1-1/2 years because of the crisis in Ukraine. The survey, suggesting Europe's largest economy is running out of steam, pressured German shares.

September Brent crude fell $1.66 to settle at $103.02 per barrel. Brent's $102.65 intraday low was the lowest price since July 1, 2013.

The September contract expires on Thursday.

U.S. September crude fell 71 cents to settle at $97.37 a barrel, having fallen earlier to $96.81.

The International Energy Agency (IEA) said that while the situation in several producer countries was "more at risk than ever," supplies were ample and the Atlantic Basin was facing a glut.

OPEC output hit a five-month high of 30.44 million barrels per day (bpd) in July with a 300,000-bpd rise led by Saudi Arabia and Libya, the IEA said.


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Brent Crude Oil : $52.72/BBL 3.31%
Light Crude Oil : $48.51/BBL 3.01%
Natural Gas : $2.89/MMBtu 1.36%
Updated in last 24 hours