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Bloomberg NEW YORK (Bloomberg)—West Texas Intermediate crude was little changed near the lowest level in four months Monday amid rising supplies and as the dollar weakened against the euro.
Prices ended up 1 cent. Libya, North Africa’s largest oil producer, prepared to resume exports at two terminals, according to the state oil company. U.S. crude stockpiles are at the most in four months, and shipments from Iraq jumped in October, government reports showed last week. The dollar slid from a six-week high, strengthening oil as an alternate investment, amid speculation that the U.S. Federal Reserve Board will maintain stimulus.
“The news that Libya is going to raise exports should be bearish,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Mass. “U.S. crude inventories are over abundant. That’s keeping WTI lower than Brent. People are pricing in Fed stimulus and a weaker dollar.”
WTI for December delivery reached $94.62 a barrel on the New York Mercantile Exchange. It settled at $94.61 on Friday, the least since June 21. The volume of all futures traded was 23 percent below the 100-day average at 3:53 p.m. WTI dropped 5.8 percent in October, the biggest monthly decline in a year.
Brent for December settlement gained 32 cents, or 0.3 percent, to $106.23 a barrel on the London-based ICE Futures Europe exchange. Volume was 4.7 percent above the 100-day average. The European benchmark’s premium over WTI widened to $11.61 from $11.30 on Friday.
A tanker was scheduled to take on oil at Libya’s Mellitah terminal Tuesday and loadings will probably resume next week at Hariga once vessels arrive at the eastern port, said Mohamed Elharari, a spokesman for state-run National Oil Corp.
Bloomberg NEW YORK (Bloomberg)—West Texas Intermediate crude was little changed near the lowest level in four months Monday amid rising supplies and as the dollar weakened against the euro.
Prices ended up 1 cent. Libya, North Africa’s largest oil producer, prepared to resume exports at two terminals, according to the state oil company. U.S. crude stockpiles are at the most in four months, and shipments from Iraq jumped in October, government reports showed last week. The dollar slid from a six-week high, strengthening oil as an alternate investment, amid speculation that the U.S. Federal Reserve Board will maintain stimulus.
“The news that Libya is going to raise exports should be bearish,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Mass. “U.S. crude inventories are over abundant. That’s keeping WTI lower than Brent. People are pricing in Fed stimulus and a weaker dollar.”
WTI for December delivery reached $94.62 a barrel on the New York Mercantile Exchange. It settled at $94.61 on Friday, the least since June 21. The volume of all futures traded was 23 percent below the 100-day average at 3:53 p.m. WTI dropped 5.8 percent in October, the biggest monthly decline in a year.
Brent for December settlement gained 32 cents, or 0.3 percent, to $106.23 a barrel on the London-based ICE Futures Europe exchange. Volume was 4.7 percent above the 100-day average. The European benchmark’s premium over WTI widened to $11.61 from $11.30 on Friday.
A tanker was scheduled to take on oil at Libya’s Mellitah terminal Tuesday and loadings will probably resume next week at Hariga once vessels arrive at the eastern port, said Mohamed Elharari, a spokesman for state-run National Oil Corp.
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