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Name | Symbol | Market | Type |
---|---|---|---|
US Oil and Gas PLC (CE) | USOTC:USOPY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
By Cassie Werber and Daniel Huang
LONDON--Global oil prices rose Friday, underpinned by tensions between Russia and the West, while U.S. crude futures continued to slide.
Brent crude for September delivery was up 32 cents, or 0.3%, at $107.39 a barrel on the ICE Futures Europe exchange. Light, sweet crude on the New York Mercantile Exchange was down 39 cents, or 0.4%, at $101.68 a barrel.
"Ample supply as Libyan output ramps up pace has largely erased the risk premium which saw Brent prices spike towards $116 a barrel in June on the threat of sanctions imposed by the West on Russia and ongoing fighting in Iraq," wrote Kash Kamal, an analyst at Sucden Research, in a note to clients.
The continued flow of Iraqi oil and the return of Libyan output have allowed the market to relax somewhat, locking Brent crude in a range between $106.32 and $108.37 a barrel for the past week. "The current market sentiment among investors remains broadly accepting of recent rangebound trading," Mr. Kamal wrote.
But David Hufton of brokerage PVM warned that fear is still bubbling under the surface. This may be why the Brent contract doesn't seem to react to positive news, he said.
"China delivered its best flash manufacturing PMI for 18 months yesterday, but it didn't feed through into oil prices," Mr. Hufton said in a note.
Russia could provide the next shock in Europe, Mr. Hufton said. European officials met Friday to discuss ratcheting up economic pressure on Moscow for what they say is Russia's support for militants in eastern Ukraine. Russia is the world's second-largest oil exporter behind Saudi Arabia.
U.S. oil prices fell for a fourth session as traders focused on weak demand for gasoline. Front-month August reformulated gasoline blendstock, or RBOB, rose 1.35 cents, or 0.5%, to $2.8503 a gallon.
August diesel rose 1.94 cents, or 0.7%, to $2.8903 a gallon.
Write to Cassie Werber at cassie.werber@wsj.com and Daniel Huang at daniel.huang3@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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