Brent Steady, US Crude Up On Supportive Economic Data

Reuters

HOUSTON, Sept 26 (Reuters) - Brent crude futures ended flat on Friday as improving supply and concerns about tepid demand for oil in Europe and China offset concerns about the Middle East conflicts, while U.S. crude rose on supportive economic data from the United States.

Brent's premium to U.S. crude <CL-LCO1=R> fell to $3.54 based on settlements and the spread narrowed to $3.21 intraday, its narrowest since it hit $2.91 on Sept. 20, 2013.

Slowing economic activity in Europe and Asia has dampened demand for oil, while supply is on the rise.

Libya's output has reached 925,000 barrels per day (bpd), the highest since militias turned on each other after the overthrow of Muammar Gaddafi.

"At the moment, supplies are abundant and demand is weaker," said Andrey Kryuchenkov, an analyst at London-based VTB Capital.

U.S. crude was lifted by data showing the U.S. economy grew at its fastest pace in 2-1/2 years in the second quarter.

The report raised the estimate of gross domestic product (GDP) to show the economy expanded at a 4.6 percent annual rate, in line with Wall Street's expectations.


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Brent Crude Oil : $59.02/BBL 3.79%
Light Crude Oil : $52.22/BBL 3.07%
Natural Gas : $2.92/MMBtu 1.31%
Updated in last 24 hours