Brent Crude Hits New 14-Month Low As Supply Risks Ease
NEW YORK, Aug 18 (Reuters) - Brent crude oil shed nearly $2 a barrel to reach its lowest price in over a year on Monday as investor concerns over conflict in Ukraine and Iraq eased, and as higher Libyan oil output added to already ample supplies.
"You had a very solid run-up on Friday, probably related to geopolitical risk going into the weekend, and you have a hangover (Monday) because of that," said Stephen Schork, editor of the Schork Report in Villanova, Pennsylvania.
Crude pared gains from Friday's spike when the government in Kiev said its artillery had partially destroyed a Russian armoured column.
By Monday, Kiev military reported new successes overnight, building on a weekend breakthrough when Ukrainian troops raised the national flag in Luhansk, a city held by pro-Russian separatists since fighting began in April.
Brent crude fell $1.93 to settle at $101.60 a barrel, after notching a session low of $101.11, the lowest since June 2013.
U.S. crude for September fell by 94 cents to settle at $96.41, after paring losses from an earlier low of $95.81.
U.S. crude futures prices were briefly lifted off intraday lows by a report from industry intelligence company Genscape of "further increased activity" at CVR Refining LP's 115,000 barrel-per-day Coffeyville, Kansas, refinery.
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.