THE NEWS
Brent futures on Tuesday traded near a four-month low touched overnight, but worries over a prolonged outage from oil exporter Libya helped the benchmark hold above $106 a barrel.
Heavy shooting erupted early on Tuesday in the Libyan capital, Tripoli, the latest unrest in the OPEC producer that highlights the government’s inability to control militia groups.
A prolonged cut in exports just as refiners are expected to ramp up runs to meet winter demand for fuel may keep oil, particularly Brent, supported.
Brent crude was unchanged at $106.23 a barrel at 0733 GMT after hitting a four-month low of $105.13 overnight.
US oil was up 6 cents at $94.68, having also slumped to a four-month low in the earlier session.”Oil is looking for a bottom, and the downside we are seeing now is quite temporary,” said Tetsu Emori, a commodities fund manager at Astmax Investments.
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