Brent Rises On Supply Risks, US Crude Down As Stockpiles Build
NEW YORK, Aug 13 (Reuters) - Brent crude oil rose by nearly $1 per barrel in choppy trading on Wednesday, recovering from a 13-month low as turmoil in Iraq and Libya kept concerns about potential supply disruptions in focus.
The sale of several Nigerian cargoes in the West African cash crude market also gave Brent prices a lift.
U.S. crude prices edged higher, paring earlier modest losses after the U.S. Energy Information Administration (EIA) reported crude oil inventories rose 1.4 million barrels last week, against expectations stocks would be lower.
The U.S. crude oil stocks build included a 418,000-barrel increase at the Cushing, Oklahoma, delivery point for the U.S. crude contract traded on the New York Mercantile Exchange.
Ahead of the front-month September contract's expiration on Thursday, Brent crude rose $1.26 to settle at $104.28 a barrel. The session low of $102.37 was the weakest price since July 2013.
The Brent contract for October delivery rose $1.17 to close at $105.06 per barrel.
"It sounds like the cash market for Brent is getting up a little bit; there are less unsold Nigerian cargoes, which of course had been weighing on the market," said Andy Lebow, vice president at Jefferies Bache in New York.
View Full Article
WHAT DO YOU THINK?
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.