the wall street journal
By Cassie Werber
LONDON--Crude oil was up in London trading Wednesday, with continued outages in Libya pushing prices higher, while U.S. crude headed down in an oversupplied market.
December Brent on London's ICE futures exchange was up 37 cents, or 0.34%, at $109.38 a barrel. The December contract on the New York Mercantile Exchange was down 93 cents, or 0.93%, at $97.29 a barrel.
The Brent price "is continuing to find support from the supply outages in Libya, which total over 90% of the normal export volume," wrote analysts at Commerzbank in a note to clients.
"Protestors have rejected talks. Reports that one export terminal would soon be reopened have been refuted. In other words, there is no indication that Libya's oil supply will normalize anytime soon," they added.
The price of U.S. West Texas Intermediate was down, ahead of information releases from the U.S. later in the day, Andrey Kryuchenkov, analyst at VTB Capital in London, said.
"Today, market participants will pay attention to US weekly fuel inventory numbers from the EIA [Energy Information Administration] for the week to 25 October. We expect an up to 2.5 million barrel build in US crude stockpiles as refining demand continues to stall."
Ample supplies of crude in the U.S. combined with seasonal refinery maintenance are weighing in that benchmark more than on Brent, which in turn is more subject to geopolitical pressures.
"The London benchmark will still pay attention to developments in Libya, but the FOMC [Federal Open Markets Committee] October statement tonight will still dominate trading today," Mr. Kryuchenkov said.
The spread, or price difference between the two crudes, continued to widen, hitting $12.09 in London trading.
The ICE's gasoil contract for November delivery was up $5.25, or 0.56%, at $935.75 a metric ton, while Nymex gasoline for November delivery was up 107 points at $2.6205 a gallon
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