Crude oil fell below $107.00 a barrel on Tuesday as supply fears eased but losses were limited amid expectations crude inventories in the world`s largest oil consumer the United States will fall.
Libya`s Oil Minister Abdelbari al-Arusi said “output had improved and the government was working to end protests at oil facilities”, while Iranian President signaled a willingness to improve relations with the West and end a dispute over the nuclear program.
- Crude is trading around $106.22 a barrel after falling $0.34
- Brent is trading around $108.44 a barrel after falling $0.26
Losses however are limited amid expectations US crude and gasoline stockpiles fell last week. Crude inventories fell by 1.1 million barrels to 363.5 million last week, the lowest level since January, the EIA report on Wednesday may show.
Investors are awaiting today the release of the inventory reports from the American Petroleum Institute (API) as well as UK’s industrial and manufacturing production and Germany’s factory orders.
- Natural gas is trading at $3.323 per cubic feet after rising 0.12%
- Gasoline is trading at $2.942 per cubic feet after falling 0.29%
- Heating oil is trading at $3.042 a gallon after falling 0.33%
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Crude Falls On Easing Supply Fears
Published 08/06/2013, 05:59 AM
Updated 07/09/2023, 06:31 AM
Crude Falls On Easing Supply Fears
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