Brent slips towards $108 as supply fears ease
Brent futures slipped towards USD 108 a barrel on Tuesday as supply fears from key exporters such as Libya eased, but losses were stemmed with a forecast fall in crude inventories in the world's largest oil consumer the United States.Libya's Oil Minister Abdelbari al-Arusi said output had improved and the government was working to end protests at oil facilities.His comments followed Iranian President Hassan Rouhani signalling a willingness to improve relations with the West and end a dispute over Tehran's nuclear program, assuring investors that supply fears from key exporters were abating.Brent crude slipped 26 cents to USD 108.46 by 0327 GMT, sliding for a third day in its longest losing streak since end-May. US oil fell 21 cents to USD 106.35, after ending 38 cents down. It is also down for a third straight day."Oil prices are pretty expensive at these levels and I doubt we will see them going much higher from here. They are more likely to trade sideways," said Tony Nunan, a risk manager at Mitsubishi Corp. "Some economic numbers out of the United States seem to suggest the US is slowing growing. That, and recent supply fears, have helped support prices."
MTECHTIPS MTECHTIPS:-Brent slips towards $108 as supply fears ease Brent futures slipped towards USD 108 a barrel on Tuesday as supply fea...