Brent Crude, the International Oil Mark Declines
Published By : 18 Aug 2014 | Published By : QYRESEARCH
Brent Crude is one of the major trading classifications related to sweet light crude oil, which serves a major benchmark for global oil purchases.
This benchmark declined amid speculation which threatens the Middle East oil supplies easing. In addition, West Texas Intermediate fell in New York.
Futures declined by 0.7 percent in London, which has extended a 1.4 percent loss during last week. In addition, Kurdish forces took over most of Iraq’s biggest dam of U.S. air power deployment in the campaign which supported reverse certain gains which were made by Islamic State militants in the north region.
Production in Libya, which is also an OPEC member, has climbed up to 540,000 barrels a day. The port of Es Sider has prepared to ship crude, according to the National Oil Corp.
According to a chief market strategist in Sydney the situation in Iraq will continue to show front of mind. He also said that the most likely outcome is predicted to be Baghdad holding and there will not be incursion into the Southern region or situations that will disrupt oil supply.
The benchmark Brent during October settlement fell by as much as 72 cents to $102.81 a barrel in relation to the London-based ICE Futures Europe exchange. Additionally, it was reported to be at $102.87 recently. The contract has climbed $1.46 to $103.53 a barrel as reported on August 15th. The traded volume of all futures was around 46% which is below the 100 per day average. The prices have declined by 7.2 percent this year.