US Crude Edges Lower In Light Trading On Weak Economic Data
NEW YORK, Aug 25 (Reuters) - Brent crude oil edged higher on Monday while U.S. crude fell in light trading, as support from geopolitical tensions in Ukraine and Libya offset ample supplies and anticipated weak demand after a slew of disappointing economic data from the United States and Europe.
"Liquidity is down because of the holiday in London and the usual August vacation time, And while the market continues to see increasing geopolitical risk in Libya and the Russia, Ukraine situation, traders are more focused so far on concerns about slowing demand with the weak data from Europe and the United States," said Phil Flynn, analyst at Price Futures Group in Chicago, referring to a fall in new home sales and cooling services sector activity in the United States, and weak business sentiment in Germany.
London financial markets were closed on Monday due to a national bank holiday.
Brent crude rose 36 cents to settle at $102.65 a barrel. It hit a 14-month low of $101.07 on Aug. 19. U.S. crude fell by 30 cents to settle at $93.35 a barrel.
"The market's range-bound; it's consolidating and finding support against previous lows," said Bill Baruch, senior market strategist at iitrader.com in Chicago.
Brent crude has traded largely within a $101 to $106 range in August, and U.S. crude has mostly remained between $93 and $99.
CME Group delayed the start of trade on its electronic platform by four hours on Monday because of technical problems, the latest glitch to hit the world's largest futures market operator, but traders in the United States and Asia said it had limited impact.
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