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Oil adds to losses, sags to new multi-week lows

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Brent crude oil fell more than $1 to hit a two-week low on Friday, slipping to $105 a barrel in its third straight day of losses as oversupply in the Atlantic basin and low demand outweighed worries over political tensions in the Middle East, North Africa and Ukraine.

Analysts say they expect global oil production to exceed demand this year, and a supply glut has already built up in the West African and European markets.

Worries over geopolitical risks to oil supply have eased despite escalating violence in parts of the Middle East and North Africa.

U.S. RBOB gasoline prices led the complex lower, falling by 1.5 percent during the session. U.S. gasoline stocks have climbed by more than 4.5 million barrels over four consecutive weeks of builds.

Oil prices barely flinched after data showing U.S. job growth had slowed more than expected in July. Non-farm payrolls increased 209,000 last month, less than expected, after surging by 298,000 in June, the Labor Department said on Friday.

Brent crude fell more than 1 percent to under $105 a barrel, adding to a 5.6 percent drop in prices last month, and at its weakest since July 15. U.S. crude futures for September delivery shed 29 cents to settle at $97.88 a barrel, its lowest settlement since February 5. That followed a 6.8 percent decline in July, the biggest monthly loss since May 2012.

An outage at the 115,000-barrel-per day Coffeyville, Kansas, refinery, a major crude consumer, could last up to four weeks, according to its operator.


--By Reuters. For more information on commodities, please click here.