Brent Crude Holds Near 14-month Low
Brent crude futures steadied near 14-month lows above $101 a barrel on Wednesday, with ample supplies putting prices at risk of further losses as worries over geopolitical tensions ease.
* Brent trading not far above Tuesday's low of $101.07
* WTI gains nearly a dollar after slide to 7-month low
* Libyan oil output sustains increase
Brent crude futures steadied near 14-month lows above $101 a barrel on Wednesday, with ample supplies putting prices at risk of further losses as worries over geopolitical tensions ease.
The oil benchmark has fallen more than 12 percent from this year's peak of $115.71 reached in June due to the turmoil in Iraq. While the conflict there continues, there has been no significant disruption to oil supply from the No. 2 OPEC producer, giving space for a sustained retreat in prices.
Brent crude for delivery in October was off 8 cents at $101.48 a barrel by 0631 GMT. The contract fell to $101.07 on Tuesday, its lowest since June 26, 2013.
Lukoil, Russia's second biggest oil producer, said on Tuesday it had shipped 1 million barrels of oil produced from southern Iraq's giant West Qurna-2 oilfield, its first shipment from the field, despite a surge of violence in the country.
In Libya, a spokesman for National Oil Corp said the country's total oil production had risen to 562,000 barrels per day (bpd) from 535,000 bpd at the weekend.
"That's very much what the market is focusing on, the abundance of supply and the decreasing risk in terms of the geopolitical tensions," said Ben Le Brun, market analyst at OptionsXpress in Sydney.
"It appears the traders are thinking that there's still risk to the downside when it comes to oil prices."
Delegates from three members of the Organization of the Petroleum Exporting Countries (OPEC) said the group was not worried about a slide in oil prices towards $100 a barrel.
By Manolo Serapio Jr
