NEW YORK: Brent crude oil settled lower yesterday, but with a less dramatic drop than US oil, as it appeared a military strike against Syria would remain limited, quelling fears of supply disruptions in the Middle East.
Markets are already coping with a supply loss from Libya as strikes at ports and pipelines have shrunk exports to around 80,000 barrels per day, less than a tenth of capacity.
Front-month Brent crude oil futures settled 77 cents lower at $114.91, after trading as high as $116.09 and as low as $114.40. US crude oil for October delivery settled at $107.23 a barrel, $1.31 lower, or 1.2 percent, after trading between $106.77 and $108.61. Last week, US crude oil traded at its highest peak this year at $112.24.
Reuters
