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October 2, 2014

Brent increases towards $94 after three-day decline

Brent crude futures inched towards $94 a barrel today following a three-day decline, which pulled down prices to their lowest level since 2012.

Brent crude futures inched towards $94 a barrel today following a three-day decline, which pulled down prices to their lowest level since 2012.

Reuters reported that Brent for November delivery was up 40 cents at $93.82 a barrel and US November crude rose 54 cents to $91.55 per barrel.

"Conflict in the Middle East did not affect the crude benchmark, which has declined by more than 15% this year amid ample worldwide supplies."

Conflict in the Middle East did not affect the crude benchmark, which has declined by more than 15% this year amid ample worldwide supplies.

The violence in Iraq saw Brent increase to a nine-month high of $115.71 a barrel in June.

However, prices have declined since, with no major disruptions to worldwide oil supply due to increasing production from Libya.

The Organization of the Petroleum Exporting Countries (OPEC) may unveil its decision on the output reduction at its meeting, which is due to be held in Vienna, Austria in November.

The OPEC move is expected to cut down any further reduction in oil prices; several member countries are already supporting this move.

Iran has urged OPEC members to make concerted efforts to offset the decline in oil prices. Saudi Arabia is, however, not in favour of the move.

CMC Markets chief market analyst Ric Spooner was quoted by Reuters as saying: "I think once we get down to $85-$90 for Brent one would imagine that OPEC would be beginning to talk about tightening supply."

Energy

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