LONDON: Global oil prices traded mixed yesterday as dealers weighed up supply factors in the Middle East and US, analysts said.
New York’s main contract, West Texas Intermediate (WTI) for delivery in December, slid 81 cents to $94.33 a barrel.
Brent North Sea crude for December edged up four cents to $106.44 a barrel.
“Brent is ... defending the gains it made over the past two days of trading. It is continuing to find support from the risks to supply,” said Commerzbank analyst Carsten Fritsch.
“After the nuclear talks with Iran were adjourned without any result having been achieved at the weekend, it is clear that hopes harboured by market participants that Iran’s oil supply would soon return to the market were premature.
In Vienna, Opec raised its estimate for global demand for oil this year and next, counting on economic recovery in advanced countries.
In its monthly report, it raised its estimate for demand this year by 400,000 barrels per day to 89.78 mbd — and held it at 90.78 mbd for 2014. Reuters
