NEW YORK , Sept 9 (Reuters) - Brent crude oil prices fell to a 17-month low below $100 per barrel in volatile trade on Tuesday, a fourth straight daily decline as ample supplies weighed, while U.S. crude rose on the expectation of dwindling fuel stockpiles.
Brent crude fell as feared cuts to supply due to violence in the Middle East have failed to materialize, and production resumed at Britain's North Sea Buzzard oilfield after a series of shutdowns and failed restarts.
In the United States, expectations of another fall in crude inventories supported prices, as did news of a delayed start up of the Pony Express pipeline that will carry crude from Wyoming to Oklahoma.
Brent fell $1.04 to settle at $99.16, the lowest closing price since April 18, 2013. Earlier in the day, Brent slumped to $99.03, the lowest intraday price since May 1, 2013. On Monday, prices slid below $100 for the first time in more than 14 months.
Brent is down near 12 percent so far this quarter, the biggest such drop since the second quarter of 2012.
U.S. crude rose 9 cents to settle at $92.75, snapping a three-day losing streak.
"The bears are trying to run with crude, but it is a saturated trade on the short side," said Richard Ilczyszyn, chief market strategist and founder of iitrader.com LLC in Chicago. "I wouldn't be surprised to see things turn around - the low $90s for U.S. crude is a potential buy signal."
View Full Article
Copyright 2016 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add 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.
Most Popular Articles
From the Career Center
Jobs that may interest you