All About Commodity

[mynameisandhy]

Oil Rebounds From Lowest Level 2 Week

 

Wednesday, June 4, 2014

 

WTI crude oil rose on Tuesday, rebounding from a two-week low, the trader gets a little positive sentiment ahead of the release of the weekly oil inventory data. Data released by the Energy Information Admnistration last week, for the week ending May 23, showed oil inventories rise more than expected, but gasoline inventories fell more than expected due to high demand. Analysts surveyed by Platts predicted this week's report showed crude inventories decline by 2 million barrels for the week ending May 30. Analysts also expect gasoline inventories rise by 2 million barrels and distillate oil decline by 1 million barrels.

 

While the American Petroleum Institute released data on U.S. oil inventories for the week ended May 30 fell by 1.4 million barrels. Reported gasoline inventories rose 800,000 barrels and distillate inventories fell 300,000 barrels of oil.

 

Oil on Tuesday closed at $ 102.84 per barrel, with daily highs $ 102.86, and the lowest was $ 102.23

[mynameisandhy]

Oil Failed to Survive Around $ 103

 

Thursday, June 5, 2014

 

WTI crude oil fell on Wednesday, failing to hold above $ 103 per barrel area as traders assess weekly crude oil inventories report from the U.S. government that showed a decrease in crude inventories more than expected, as well as rising gasoline and distillate fuel inventories.

 

The U.S. Energy Information Administration reported crude inventories fell 3.4 million barrels for the week ending May 30. Analysts surveyed by Platts had previously forecast a decline of 2 million barrels, the EIA also reported that gasoline inventories rose by 200,000 barrels, while distillate fuel rose 2 million barrels. Previous Platts survey estimated that gasoline supplies rose 2 million barrels while distillate fuel dropped 1 million barrels. While oil inventories in Cushing Oklahoma fell 300,000 barrels to 21.4 million barrels.

 

While earlier on Tuesday, the American Petroleum Institute released data on U.S. oil inventories for the week ended May 30 fell by 1.4 million barrels. Reported gasoline inventories rose 800,000 barrels and distillate inventories fell 300,000 barrels of oil.

 

Oil on Wednesday closed at $ 102.39 per barrel, with daily highs $ 103.69, $ 102.34 and lows.

[mynameisandhy]

Oil Surviving Above $ 102

 

Friday, June 6th, 2014

 

Crude oil was able to hold above $ 102 on Thursday, after inventories pressured by rising U.S. gasoline and distillate fuel, but the euro weakened earlier after the European Central Bank announced a policy of negative interest rates on deposits, turned higher against the dollar, able to withstand the drop in oil.

 

The euro initially fell to below $ 1.36 area, and ICE dollar index rose, but the ECB's decision is considered not able to weaken the euro, thus making the country's 18 currencies rebounded against the dollar. For dollar-denominated oil, a stronger dollar tends to depress prices, and vice versa weakening dollar can sustain oil prices.

 

Meanwhile elected President of Ukraine, Petro Poroshenko, said he might discuss a plan to end the violence in eastern Ukraine with the Russian President, Vladimir Putin. Statement at least able to reduce fears of protracted geopolitical conditions that can disrupt the supply of oil and gas.

 

Crude oil on Thursday closed at $ 102.46 per barrel, with daily highs and lows 102.69 USD 101.60 USD.

[mynameisandhy]

Oil Gains Three Days streak

 

Monday, June 9th, 2014

 

Optimism for the continued recovery of the U.S. economy will increase expectations of rising oil demand from the world's largest consumer, making WTI crude oil rose three days in a row. Besides the positive sentiment also came from the second largest oil consumer in the world, China, which reported a surge in the trade surplus.

 

The U.S. Labor Department on Friday reported the U.S. economy created 217,000 new jobs outside the agricultural sector in the month of May, in line with economists' expectations. Although lower than in April, but the increase in the number of labor above 200,000 occurred in four consecutive months, and the last time it happened almost 15 years ago.

 

Having previously reported increased business activity both maufaktur sector and the service sector, China on Sunday released the trade balance data in May is experiencing a surge in surplus to $ 35.9 billion from the previous month at $ 18.5 billion. Exports reported an increase of 7% from the same period a year earlier, while imports declined 1.6%.

 

WTI Crude oil is currently trading at around $ 103.24 per barrel, with daily lows 102.60

[mynameisandhy]

WTI Crude Oil Close to Survive High Level

 

Tuesday, June 10, 2014

 

WTI crude oil prices for delivery in July, until this afternoon, there were still survive at the top level in the range of $ 104.70 per barrel.

 

Some of the factors that help strengthening crude oil prices this time are:

 

- Data on positive U.S. employment in which the Non-Farm Payrolls in May released over the 200 thousand workers.

 

- Data on China's Trade Balance surplus in May over the previous month, $ 35.9 billion vs. $ 18.5 billion.

 

- Increase in Japan's economic growth forecast for the first quarter from 5.9% to 6.7%.

 

- Projected decline in U.S. crude oil stocks of 1.5 million barrels of oil stocks report Wednesday.

[mynameisandhy]

EIA Report Boost Oil Price

 

Wednesday, June 11, 2014

 

Crude oil prices moved higher on Wednesday after the release of U.S. government weekly data showed oil inventories fell by more than 2-fold expectations.

 

Energy Information Administration reported that U.S. crude oil inventories fell 2.6 million barrels in the week ending June 6. The results are greater than expected drop of 1.3 million barrels. The EIA report also showed gasoline supplies rose by 1.7 million barrels, with distillate oil stockpiles also increased by 900,000 barrels. Analysts had previously forecast gasoline stocks would fall by 500,000 barrels, and distillate fuel inventories rose 750,000 barrels.

 

Currently crude oil for July delivery contract offered in the range of $ 104.70, or about 0.1% above yesterday's closing price

[mynameisandhy]

WTI Crude Oil Reach New High Level Since October 2013

 

Thursday, June 12, 2014

 

WTI crude oil prices this afternoon (12/6) high hitting $ 105.42 per barrel level not reached since October 2013.

 

Factors supporting the rise in oil prices today are growing upheaval in Iraq raises concerns over the outlook for crude supplies. Militants of Al-Qaeda splinter group, according to Reuters news source, master Mosul City, the second largest city in Iraq and approaching the largest oil refinery in Iraq.

 

Previously crude oil prices rose due to a decline in U.S. crude oil reserves. The U.S. Energy Information Agency (EIA), Wednesday (11/6) reported a decline in oil stocks of 2.6 million barrels for the week ending June 6. This figure is lower than expected drop of 1.3 million barrels.

[mynameisandhy]

Oil skyrocket to Top due to Conditions In Iraq

 

Friday, June 13, 2014

 

West Texas Intermediate oil moving toward the biggest weekly gain since December and Brent oil soared along with the increasing violence in Iraq that threatens the supply of the second largest oil producer in OPEC.

 

Value of the futures contract rose as much as 1.1% in New York, extending a rally at 2% which occurred yesterday, it was the longest rally in two months. The militia linked to al-Qaeda, which captured the city in the north of Mosul this week, began moving south toward Baghdad as Iraqi Oil Minister Abdul Kareem al-Luaibi plane-pesawa bersepkulasi that the U.S. might be bombed northern region. Members of OPEC to pump as much as 3.3 billion barrels of oil per day last month, data compiled by Bloomberg.

 

"There is the potential disruption spread to other areas in the Middle East and we are talking about the amount of daily supply significant," said Michael McCarthy, chief market analyst at CMC Markets in Sydney that mempredikis Brent oil may rise to a level of $ 125 per barrel if attacks occurred in Baghdad. "The market is starting to worry about the potential disruption in Libya, but the current situation in Iraq is much more serious."

 

WTI Oil for July contract gained as much as $ 1.12 becomes $ 107.65 per barrel in electronic trading on the New York Mercantile Exchange and is currently moving in the range of $ 107.30 at 9:17 pm. The contract yesterday rose as much as $ 2.13 becomes $ 106.53, it is the highest closing level since 18 September. Minyaka price has appreciated by 4.5% on the week.

[mynameisandhy]

WTI Oil Gains for Fourth Day

 

Monday, June 16, 2014

 

West Texas Intermediate oil rose for a fourth day and Brent oil rose above fear an increase in violence in Iraq that could threaten to disrupt oil supplies from the second biggest oil producer in OPEC.

 

WTI oil futures rose by 0.6% in New York after being closed for a weekly gain of 4.1% on June 13. Iraqi military attacked insurgents who controlled the area north of Baghdad, the condition looks will revive the battle on the battlefield that can threaten to split the country. Brent oil will probably rally quickly to a range of $ 120 to $ 125 per barrel if oil production is affected by armed conflict, said analysts at Societe Generale SA. Iraq, last month produced as much as 3.3 million barrels of oil per day, the data shown by Bloomberg.

 

"Anxiety disorder is actually the start of production to export in southern Iraq," said Mike Wittner, head of oil market analyst at Societe Generale SA in New York, in a report today. "The threat that did not happen in the near future, but it's quite serious."

 

July WTI oil contract rose by 60 cents to $ 107.51 per barrel in electronic trading on the day and is now moving in the range of $ 107.20 at 15:42 pm. The contract rose by 0.4% to $ 106.91 on June 13, the highest level since September 18. Oil prices rose by 9% this year.

[mynameisandhy]

WTI Oil Corrected From High Level 9 Months

 

Tuesday, June 17, 2014

 

West Texas Intermediate oil fell amid speculation that the rise in the last week that reached to the highest level in nine months was excessive. Meanwhile Brent oil fell in London over the signs will slow the Iraqi army to attack rebels.

 

Value of the futures contract rose as much as 0.8% in New York. Iraqi troops have repelled rebels who had taken control of the Sunni Muslim northern part of the country and killed 23 ISIL sales in an operation in the southern border of Mosul, in the report by Iraqiya state television channels. Total exports of Iraqi Basra oil terminal in the Persian Gulf on track remedy rise in July, according to the loading plan early.

 

"What we know at this time in Iraq has been taken into the price so as to further increases in the need escalation which affects the supply," said Ole Hansen, chief commodities analyst at Saxo Bank A / S in Copenhagen. "We came out of the overbought situation a little slack so the market today."

 

WTI Oil for July contract fell by 89 cents to $ 106.01 per barrel in electronic trading on the New York Mercantile Exchange and is currently moving in the range of $ 106.35 at 16:44 pm. Contract end last week with traded at $ 106.91, it is the highest closing level since 18 September. Oil prices have gained 7.8% this year.

[mynameisandhy]

Oil Gains Thin Ahead of Inventory Report

 

Wednesday, June 18, 2014

 

Crude oil prices moved sideways trend in the European trading session on Wednesday. Investors wait-and-see attitude ahead of the weekly U.S. oil stocks are expected to decline in inventories.

 

Besides Iraq geopolitical risk is still the backbone of Brent crude oil prices, especially oil, plus the eastern Ukrainian border conflict heats up. Developments in Iraq itself still stagnant, after President Obama decided not to conduct a military intervention by mediation ideological differences with Shiite Sunni extremists, while evaluating the Iraqi military is quick to give up on the militants.

 

The conflict in Iraq has affected oil production in Iraq around 100,000 barrels per day, in addition to that in the long term, the problem of Iraq violence has an impact on the oil industry's expansion plans in the region.

 

So far the Nymex crude oil prices in July rose 12:30% at $ 106.66 per barrel, after reaching its highest point at $ 106.97 intraday and daily lows at $ 106.40 per barrel.

[mynameisandhy]

Oil Crop Post weakening Jobless Claims Data

 

Thursday, June 19, 2014

 

Seeks oil rose after the data reported positive U.S. jobless claims indicates improvement rate of demand at the same time the number of weekly U.S. inventories declined.

 

So far the price of Nymex crude oil for July contracts thin mengat 0:01% at $ 105.95 per barrel, after reaching its highest point at $ 106.63 and an intraday lows daily at $ 105.73 per barrel.

 

U.S. oil stockpiles fell by 579,000 barrels last week, but fuel stocks actually rose above estimates based on data prepared by the EIA.

 

Separately, initial jobless claims report fell -6000, to a level of 312,000, falling below the average of 4 weeks, which is also the best level of jobless claims since 3 November 2007. Jobless claims report is consistent with a potential growth rate of 200,000 nonfarm payrolls when The NFP data released on July 3. The improvement in the labor market will certainly indicate the increase in productivity and demand expectations for oil

[mynameisandhy]

Oil Gains Two Days streak

 

Friday, June 20, 2014

 

WTI crude oil rose a second straight day due to concerns over the turmoil in Iraq could disrupt the supply of oil supplies from OPEC's second largest oil producer is. Iraqi government forces are concentrated in the north of Baghdad on Friday to attack the rebels are heading back to the capital, while the United States sent military advisors to assist the Iraqi government.

 

The battle that took place in the northern oil companies attract employees make. However, the main oil fields are located in the south of Baghdad, which is expected to produce 2.5 million barrels of oil per day is still not affected. While the Energy Information Administration, elaporkan U.S. crude inventories fell 579,000 barrels in the week ending June 13, much less than the decline of 5.7 million barrels, the American Petroleum Institute on Tuesday.

 

WTI crude oil closed at $ 106.60 per barrel, with daily highs and lows 106.90 USD $ 105.79

[mynameisandhy]

Brent oil and WTI traded at High level

 

Monday, June 23, 2014

 

Brent oil traded near the highest level since September and WTI oil rose as the militias in Iraq occupying more territory and President Obama warned that the crisis might spread to other countries.

 

Brent oil futures rose as much as 0.7% in London. The fighters of ISIL border controls that intersect with Jordan and Syria, in the report by Hameed Ahmed Hashim, who is a member of the provincial council at the time on the phone yesterday. China's manufacturing index rose to its highest level in seven months in June, indicating that the economy of the country which is the second largest oil consumer in the world began to improve.

 

"We see a sustained rise in oil futures contracts, regardless of the fact that the oil supply is not affected in Iraq," said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. "Fears over it has pushed oil prices higher, despite the lack of supply disruption real. "

 

Brent oil for August settlement rose as much as 85 cents at $ 115.66 a barrel on the London stock exchange and is currently engaged in the $ 115.18 range. Brent oil was trading at $ 115.71 on June 19, the highest level since Sept. 9. European benchmark oil premium to WTI be $ 8.05, from $ 7.98 on June 20. Price of front-month contract was up 4% this year.

 

Meanwhile WTI rose as much as 62 cents to $ 107.45 per barrel in electronic trading on the New York Mercantile Exchange. July contract expires at $ 107.26 on June 20. The volume of futures contracts trading about 6% above the average 100-day moving average today.

[mynameisandhy]

Oil Corrected On Conducive Oil Production In Iraq

 

Tuesday, June 24, 2014

 

Brent crude slipped for the third day and West Texas Intermediate oil fell amid speculation that Iraqi oil production will not be disturbed on escalating violence in the country's second largest OPEC oil producer in the world.

 

Oil futures fell about 0.4% in London. The Iraqi army has regained control of the northern Baiji refinery in the country of militia ISIL, and fighting not widen to the south, which is the base for more than three-quarters of the country's oil production of Iraq. In the U.S., a government report tomorrow may show crude stockpiles fell for a fourth week, according to a Bloomberg survey.

 

"Iraq is still a topic of conversation at this time, although the situation on the ground has not increased materially," said Amrita Sen, chief oil market analyst at Energy Aspects Ltd.. in London. "Losses on Iraqi oil supplies have been minimized so far."

 

Settlemnet Brent oil contract for August fell by 50 cents to $ 113.62 a barrel on the London stock exchange and is currently engaged in the $ 113.93 range. The contract slipped by 0.6% to $ 114.12 yesterday, it is the deepest decline since May 16. Brent oil prices have increased by 2.8% this year.

 

Meanwhile WTI oil contract in August fell by 92 cents to $ 105.25 per barrel in electronic trading on the New York Mercantile Exchange and is currently engaged in a range

[rohmatul]

With the conflict on iraq, the west will suffer with the lack of gas and oil supply...

[mynameisandhy]

WTI oil gains Reduce to the Decree of the Government of the United States

 

Wednesday, June 25, 2014

 

West Texas Intermediate oil reduces gains amid speculation that the decision of the Obama administration about U.S. fuel exports appears to limit the impact on the wild movement of the global market. Brent premium to WTI narrowed as Iraq pledged to increase exports.

 

WTI oil traded 0.4% higher in New York, before the reinforcement reduces by 1.4%. Brent oil fell by 0.7% in London. Department of Trade granted the request of Pioneer Natural Resources Co. 'S to classify condensate is stabilized as petroleum products are eligible for export, the company said. Meanwhile Brent crude slipped as oil production in Iraq is still not affected by the Sunni militia uprising and the government said that they would increase exports of crude oil in July.

 

WTI Oil for August contract rose as much as $ 1.47 becomes $ 107.50 per barrel in electronic trading on the New York Mercantile Exchange and is currently moving in the range of 106.63 at 17:12 pm. The contract slipped by 0.1% to $ 106.03 yesterday. WTI oil prices have increased by 8.2% this year.

[mynameisandhy]

Brent Moving Low On Rising Supply From Iraq

 

Thursday, June 26, 2014

 

Brent oil traded near its lowest close in a week after saying that Iraq's oil exports from the south will still be rising in the middle of a rebellion in the north. Meanwhile West Texas Intermediate oil traded near its highest level in three weeks before the release of data that may show stronger U.S. economy.

 

Oil futures contract was little changed in London and in New York. Iraqi oil exports will accelerate in the next month, in saying by Iraqi Oil Minister Abdul Kareem al-Luaibi at the time of yesterday, the signs added that as many as three-quarters of the country's oil production is not disrupted in the southern region. U.S. jobless claims data, may be down on last week, and the index will show the rise in personal spending, according to a separate survey done by Bloomberg before the data release.

 

"The main area of ​​Iraq's oil production is not affected by the conditions in the country, so normal if we see a correction after a considerable rise," said Gerrit Zambo, a trader at Bayerische Landesbank oil in Munich. "But conditions remain turbulent as it is harmful to production. The potential for reduced production from Iraq still exist. "

 

Brent oil for August settlement fell by 12 cents to $ 113.88 a barrel on the London stock exchange. Brent settled yesterday at $ 114 per barrel, it is the lowest closing level since June 17. Brent premium to WTI traded at around $ 7.38 from $ 7.50 at the time of yesterday.

 

WTI oil for August move in the range of $ 106.48 a barrel in electronic trading on the New York Mercantile Exchange, down by 2 cents. The contract closed yesterday at $ 106.50, the highest level since June 20. Prices have increased by 8.2% this year.

[mynameisandhy]

China Oil Demand Drops to Lowest Level 9-Month

 

Friday, June 27, 2014

 

Real Chinese oil demand slumped to an average of 9.44 million bpd in May or 0.7% lower than the same month last year, according to Chinese government data released Friday. The demand level is the lowest in the 9-month and marks the first annual contraction since January, the analysis showed. For the monthly rate, the real Chinese oil demand in May reportedly fell 3.2% from April.

 

"The decline in net imports of oil products has been seen since last year," said Song Yen Ling of Platts. "This is mainly due to the slowdown in domestic demand growth, while refining output has increased."

 

Currently the price of crude oil for August delivery contract offered in the range of $ 105.75, or about 0.15% below yesterday's closing price

[mynameisandhy]

Oil Continue Weakening Phase

 

Monday, June 30, 2014

 

Concerns about security in Iraq conflict began to subside in a few days. This is reflected in the price movement of crude oil, which is relatively quiet compared to the middle of this month.

 

Crude prices observed weak in Asian session on Monday (30/06) while extending the weakening of prices that occurred last week. Currently, variant WTI contract for delivery next month was recorded at the price of $ 105.30 per barrel, down about 35 cents compared to the price on the London ICE electronic session. While Brent oil for August delivery fell 29 cents to settle at $ 113.01 a barrel on London's ICE Futures Exchange.

 

The two types of oil prices fell last week after scoring during a two-week hike sebelulmnya endangerment due to supply 2.5 million barrels of oil per day from Basra refinery. Brent is predicted to remain in the range of $ 110-115 per barrel this summer and even for the next few months. "There is the potential for price increases due to the influence of regional factors," said Michael Wittner, Head of Oil Markets Research at Societe Generale. Wittner believes sectarian conflict in Iraq will last long, though it could be 2 years since the consolidation process requires substantial time. This scenario will drive the price of Brent oil to penetrate the area of ​​$ 120-125.

[mynameisandhy]

Expectations Supports Increasing Demand for Oil

 

Tuesday, July 1st, 2014

 

U.S. crude futures rose on Tuesday terkerek still supported by expectations of rising demand for oil after China's PMI of manufacturing activity rose above estimates so that gives hope for the stability of economic activity after a slowdown.

 

Speculative investors rose sharply observed as indicated by the increase in long positions in Brent oil contract about 8% to a record high 240,000 by June 24, but the speculative positions are usually only short term.

 

Some triggers are speculative oil supply disruptions from Iraq, and a series of economic indicators released positive enough to indicate the global economic recovery. Macroeconomic data, especially a solid recovery in China's manufacturing sector has also become an additional reason for the speculators who expect a rebound in demand for oil in Asia.

 

So far the price of Nymex crude oil rose 12:44% at $ 105.83 per barrel, after reaching its highest point at $ 105.93 intraday and daily lows at $ 105.43 per barrel.

[mynameisandhy]

Oil Failed to Survive Above $ 106, Record Decline Fourth streak

 

Wednesday, July 2, 2014

 

Chinese and European economic data has raised optimism oil futures contract above $ 106 per barrel on Tuesday, but the price ended up with slightly lower for the fourth consecutive session ahead of the latest weekly data on U.S. oil supplies.

 

On the New York Mercantile Exchange, oil for August delivery fell 3 cents to settle at $ 105.34 per barrel. Oil prices, which have dropped in the last three trading sessions, it touched its highest level at $ 106.09, but also slipped down $ 105 during Tuesday's trading session.

 

On the ICE Futures exchange in August Brent contract fell by 7 cents, or 0.1%, to end at $ 112.29 per barrel.

 

"In the absence of movement in the market related to geopolitical developments, stable crude oil moves further ahead of the data flood, in taking advantage of the limited time because of the holiday trade on weekends," said Matt Smith, a commodities analyst at Schneider Electric.

 

The U.S. government will report weekly data over the supply of oil on Wednesday and released the monthly employment report on Thursday.

[mynameisandhy]

Oil Drops Below $ 105, Record Decline Fifth streak

 

Thursday, July 3, 2014

 

Oil prices closed below $ 105 per barrel for five straight sessions of decline, as the Libyan rebels have agreed to allow re-open two terminals and a stronger U.S. dollar.

 

Oil prices briefly pared losses on Wednesday after a government report showed U.S. weekly crude supplies fell more than expected.

 

On the New York Mercantile Exchange, crude oil for August delivery fell 86 cents, or 0.8%, to $ 104.48 per barrel, this is the lowest closing level since June 11. They traded in the range of $ 104.65 before the release of data on the supply and then rebounded to traded above $ 105.40 after the data release.

 

On the ICE Futures exchange in August Brent crude fell $ 1.05, or 0.9%, to $ 111.24 per barrel.

 

"The oil market is a bit tired at the risk premiums Iraq, and now have started to disappear," said Richard Hastings, macro analyst at Global Hunter Securities,. "So when we get the inevitable hunger for oil production in Libya, which is likely to bring some large tankers that carry large cargoes to the port of Libya, the news has been moving the oil market, which has made U.S. crude back to the range of $ 104 with some thought likely to reach the level of $ 102 as well. '

 

The rebels in Libya have reached an agreement to re-open the two terminals that handle most of the normal oil exports in the country, in the report by the Wall Street Journal on Wednesday.

 

In addition other factors that cause oil is down, the U.S. dollar which get a boost after comments from Fed chief Janet Yellen. Strong dollar tends to put pressure on commodity prices denominated in dollars.

[mynameisandhy]

Oil Slips To Seventh Day On Rising Supply

 

Friday, July 4, 2014

 

Crude oil prices slipped below $ 104 per barrel on Friday, extending losses for the seventh straight day, on expectations of strong growth offset the increased supply of labor in the United States.

 

U.S. benchmark crude oil prices for August delivery fell 74 cents to $ 103.74 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, which is the global benchmark oil, fell by 63 cents to $ 110.61 per barrel on the ICE Futures exchange in London.

 

The U.S. markets closed on Friday for the July 4 holiday, and trading volumes in other markets are thinner than usual.

 

Oil prices fell despite signs the U.S. economy continues to improve, which usually will increase the demand for oil. The U.S. government reported that employers added 288,000 workers to their payrolls in the month of June and the unemployment rate fell to 6.1%.

 

Positive economic news, however, the dollar has strengthened, it was one of the factors weighing on prices and that makes oil more expensive and becoming less attractive investment for traders using other currencies.

 

Oil has been slipping since hitting a 10-month closing high at $ 107.26 on June 20, when the rising anxiety over the remarkable progress over the control of ISIL militias inside Iraq.

 

On top of that, the Libyan agreement between the central government and regional militias in the estimate will lead the reopening of two oil terminals will increase the darinegara oil exports around 500,000 barrels per day. Libya currently produces about 350,000 barrels of oil per day.

[mynameisandhy]

Brent Weakens Top Supply From Libya; WTI Stable

 

Monday, July 7, 2014

 

Brent oil was trading at its lowest level in more than three weeks as Libya prepares to increase exports and amid speculation that Iraqi oil supplies are safe from violence. Meanwhile West Texas Intermediate oil on the New York moving stable.

 

Oil futures were little changed in London after falling for a fifth day on July 4, it is the longest losing streak since January. Libya, which is the owner of the largest crude oil reserves in Africa, increasing the number of their export terminal of Ras Lanuf and Es Siders on by the National Oil Corp. said., Yesterday. The fighting in Iraq, which is the second largest OPEC producer, not extending to the southern region, which is home to more than three-fourths of their oil production.

 

"Oil prices are likely to remain flat," said Devid Lennox, a resource analyst at Fat Prophets in Sydney today. "You get Libyan oil supplies were again increased and it seems there is no problem in the southern region of Iraq."

 

Brent crude oil for August settlemen move in the range of $ 110.80 per barrel on the ICE Futures Europe Birsa, rose by 16 cents, on this day. The contract fell by 36 cents to $ 110.64 on July 4, it was the lowest closing level since June 11.

 

WTI oil moves Agustur months 7 cents lower than the closing date of July 3 at $ 103.99 per barrel in electronic trading on the New York Mercantile Exchange. Not the opening of floor trading during the July 4 holiday and post the transaction will be in today for settlement purposes. WTI premium to Brent became $ 6.78.