US Crude Sinks For Second Day Ahead Of Contract Expiry


NEW YORK, Aug 19 (Reuters) - U.S. crude oil lost nearly $2 on Tuesday, falling for a second straight day as a rush of selling ahead of the session close brought the contract to its lowest price since January.

U.S. front-month September crude fell sharply a day ahead of its contract expiration, hitting a session low of $94.27, its lowest in seven months, before paring losses to close at $94.48 a barrel, down $1.93.

"There were physical sellers into the close, and not enough buyers. It was pure fundamentals on the trading," said Bill Baruch, senior market strategist at in Chicago.

U.S. October crude fell by 89 cents to settle at $92.86.

Brent crude edged lower, notching a fresh 14-month low during Tuesday's session as the prospect of increased Iraqi and Libyan oil supplies weighed on the market.

Brent crude oil for delivery in October fell 4 cents to settle at $101.56 a barrel, after earlier falling to $101.07, the lowest level since June 2013, the same month Brent prices were last below $100 a barrel.

Several analysts said Brent was testing support around $101, noting the proximity of Tuesday's low to Monday's low of $101.11.


View Full Article


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.