Brent crude has dropped below $110 a barrel today as supply disruption worries eased in Iraq and prospects for an increase in Libyan exports improved.
Reuters reported that Brent crude for August delivery stood at $109.71 a barrel, while US crude edged down 14 cents to $103.39.
Go deeper with GlobalData
Global investors expect there will be minimal risk that Islamist militants may advance southwards towards Iraq’s capital Baghdad and disrupt oil flow in Basra.
Iraq’s new parliament put off its next session for five weeks and the country’s Prime Minister Nuri al-Maliki recently said he expects to form a new government in its next session.
Preparations are under way in Libya to reopen two major oil ports in the east that were closed for about a year.
See Also:
The Ras Lanuf and Es Sider oil ports account for more than a third of Libya’s export capacity.
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 GlobalDataA spokesman for National Oil recently said the oil production of Libya is currently 326,000bpd.
Investors are also waiting for weekly oil inventory data from the US, which is scheduled for release later on Tuesday and Wednesday.
A preliminary survey of five analysts by Reuters has revealed that US commercial crude inventories were predicted to have dropped in the week ending 4 July.
Distillate stockpiles were anticipated to have increased with no change in gasoline inventories.
.gif)
