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May 27, 2014

Brent trades above $110 ahead of US oil data

Brent crude traded just above $110 a barrel on Wednesday, following renewed optimism regarding US manufacturing data and Libyan supply disruption worries.

Brent crude traded just above $110 a barrel on Wednesday, following renewed optimism regarding US manufacturing data and Libyan supply disruption worries.

Brent increased 23 cents to reach $110.25 a barrel while US oil gained 17 cents to settle at $104.27 a barrel, reported Reuters.

The Ukraine military has reportedly killed more than 50 pro-Russian rebels in an assault that entered into its second day on Tuesday after the government planned to put down the revolt in a matter of hours.

"The survey estimates crude oil stocks to have increased 700,000 barrels last week."

Reuters reported that a brigade from Libya’s Petroleum Facilities Guard has interrupted operations at Hariga port in the far east of the country to demand salary payments.

According to Reuters, full storage tanks at Hariga have forced a production halt at Sarir and a reduction at Messla.

A preliminary Reuter’s poll of five analysts found that the US commercial crude oil stocks and refined product inventories were anticipated to have increased in the week ending 23 May.

The survey estimates crude oil stocks to have increased 700,000 barrels last week.

The American Petroleum Institute (API) and the US Department of Energy’s Energy Information Administration (EIA) will soon release their inventory reports.

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