Crude Oil Prices Fall On Eased Supply Worries

Posted by: : Paul EbelingPosted on: July 12, 2014 Crude Oil Prices Fall On Eased Supply Worries

Crude Oil Prices Fall On Eased Supply Worries

Crude Oil prices slipped Friday and recorded a 3rd straight weekly loss as concerns over Crude supply from the Middle East eased.

WTI (West Texas Intermediate) Crude Oil prices and Brent Light Crude Oil prices fell more than 2.00 bbl Friday, sending the WTI to a 2-month low and Brent to a 3-month low, as some investors locked their profits from the recent run up.

Global Crude Oil prices have been on a falling track on lessened concerns over supply from Iraq and Libya.

The insurgency in Iraq has not spread to the South, the source of most of the country’s output, and exports from the southern region should recover to about 2.6-M BPD this month, compared to 2.42-M BPD in June. Iraq is the 2nd largest producer of the Organization of Petroleum Exporting Countries (OPEC).

An official from Libya’s National Oil Corp said that the country’s Southern El Sharara field is expanding Crude Oil production and has increased the country’s output to 350,000 BPD.

WTI Crude Oil for Aug delivery fell 2.10 to finish at 100.83 bbl on the New York Merc, Brent Light Crude Oil for Aug delivery fell 2.10 to close at 106.57 bbl.

NYMEX Crude Oil Continuous Contract
Last 100.49 Change -2.44 Change % -2.43%
Open 102.86 High 102.92 Low 100.44

Last Updated: 11 Jul 22:15 GMT

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Have a terrific weekend.

Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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