Brent crude fell towards $107 a barrel today amid geopolitical tensions in the Middle East, Africa and Europe, which generated ample supply of crude.
Brent crude fell by 17 cents to settle at $107.40 a barrel, while US oil dropped 34 cents to $101.33 a barrel, reported Reuters.
Go deeper with GlobalData
Global oil production has surpassed the required demand, despite conflicts in Ukraine, Iraq and Libya.
Morgan Stanley analysts led by Adam Longson said: "Barring new supply outages, we see global supply capacity rising by 1.8 million barrels per day in 2014, the fastest growth in a decade."
Despite conflicts with Islamist militants in northern Iraq, oil production in the south was not affected and remained at record levels.
See Also:
Meanwhile, the US and European leaders have agreed to impose sanctions on Russia’s financial, defence and energy sectors, which may have no effect on Russian oil exports.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIn the US, investors were looking for gasoline inventories that have weighed on US crude prices.
.gif)
