24 September 2014, News Wires – Brent crude oil inched lower on Tuesday as ample global supplies outweighed tensions in the Middle East, while U.S. oil bounced higher after four sessions of losses.
For Brent, higher output from Libya and Iraq overshadowed the start of U.S.-led air strikes against Islamist groups in Syria. U.S. crude rallied after earlier falling close to 17-month lows.
Global oil prices have fallen steeply since June as geopolitical fears waned and strong supply, including from the United States, swamped markets. Libyan oil output has risen to 800,000 barrels per day, with the key El Sharara oilfield restarting, a National Oil Corp (NOC) spokesman said on Tuesday, from 700,000 bpd at the weekend.
Iraq’s southern oil exports have increased this month to 2.6 million bpd, approaching a record high hit in May. Brent for November delivery fell 12 cents to settle at $96.85 a barrel after climbing as high as $97.59 a barrel in early trading. It hit a two-year low of $96.21 last week. Brent is down nearly 6 percent this month, with the oil benchmark on track for a third straight monthly fall.