U.S. crude futures fell below $94, pressured by an unexpected inventory build and a strong U.S. dollar.» Read More
Azlin Ahmad, Editor of Argus Media Limited, says the resolution of Libya's oil crisis has quelled the supply fears brought about by the instability in Iraq.
*Libya deal with rebels may make 500,000 bpd available for exports. SINGAPORE, July 3- Brent futures dipped below $111 a barrel on Thursday as supply fears eased after Libya declared an end to an oil crisis that has cut exports from the OPEC member to a trickle, although declines will be capped by concerns over Iraq.
Crude oil dropped as supply fears began to ease after Libya declared an end to an oil crisis that has slashed exports.
SINGAPORE, July 3- U.S. crude futures slipped towards $104 a barrel in early Asian trade on Thursday as supply fears eased after Libya declared an end to an oil crisis which had reduced exports from the OPEC member to a trickle. U.S. crude extended the previous session's losses to fall to a three-week low, down 45 cents at $104.03 a barrel by 0030 GMT.
Continental Resources chairman and CEO Harold Hamm discusses how a license to export American sweet, light crude could impact the price of Brent.
CNBC's Bertha Coombs discusses the day's activity in the commodities markets. Oil was down on the day, after the market grew less worried over supply disruptions in Libya. Gas prices are the highest they've been for a July 4th weekend over the last 6 years.
CNBC's Morgan Brennan reports the national average price for a gallon of gas this holiday weekend is $3.67 according to Gas Buddy.
There is a lot of "pricing power" in the services sector of U.S. shale gas, due to a limited pool of expertise, according to Edmund Shing, equity portfolio manager at BCS Financial Group.
CRUDE OIL FUTURES PARE LOSSES AS EIA DATA SHOWS HIGHER-THAN-EXPECTED DRAW ON CRUDE STOCKS.
CNBC's Bertha Coombs reports the latest numbers on crude oil inventories.
Oil and gas prices are the highest they have been on the 4th of July in six years. Former CEO of Gulf Oil Joe Petrowski, looks at factors behind rising gas prices and weighs in on the export of crude oil.
LONDON, July 2- Oil fell towards $111 a barrel on Wednesday, its lowest in almost three weeks, on a possible substantial recovery in Libyan exports after rebels said they would reopen two oil terminals. "This time it seems credible," Carsten Fritsch told Reuters Global Oil Forum. Brent was down 63 cents a barrel at $111.66 by 0948 GMT.
*Worries over Iraq oil output but analysts say risks low. LONDON, July 2- Brent crude oil steadied above $112 a barrel on Wednesday as fighting in Iraq heightened concerns over the country's oil production, but rebels in Libya said they would reopen two oil terminals, increasing supply.
Christyan Malek, analyst at Nomura, says the need for consolidation in the oil field services industry could drive a spike in mergers and acquisitions.
*Sunnis, Kurds shun Iraq parliament after no PM replacement named. SINGAPORE, July 2- Brent futures held above $112 a barrel on Wednesday as lingering worries over the threat of a sudden worsening in the Iraq crisis supported prices, while a possible reopening of two oil terminals in Libya kept the gains in check.
*Sunnis, Kurds shun Iraq parliament after no Maliki replacement named. SINGAPORE, July 2- Brent futures slipped towards $112 a barrel on Wednesday as Libyan rebels agreed to reopen two oil terminals, but lingering worries over the threat of a sudden worsening in the Iraq crisis stemmed further losses.
Crude oil fell amid encouraging signs for supply from Libya and Iraq, with prices headed toward the lowest close in nearly 3 weeks.
U.S. crude gained 2 cents to $105.36 by 2348 GMT, after ending at $105.34 a barrel, its lowest settlement since June 11. Brent futures ended 7 cents down at $112.29, also at its lowest since June 11.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Crude was down on the day, nat gas sold off, as well. Gold was up, however, as traders look to Thursday's job report.