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Oil futures trade in narrow range ahead of EIA data

Oil futures trade in narrow range ahead of EIA data

08/27/2014

By Eric Yep

Crude-oil futures traded in a narrow price range in Asian trade Wednesday, with the U.S. benchmark largely unchanged, while Brent crude recouped overnight losses.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October (CLV4) traded at $93.91 a barrel early morning in London, up $0.05 in the Globex electronic session. October Brent crude on London's ICE Futures exchange rose $0.24 to $102.74 a barrel.

Talks between the Russian and Ukrainian presidents on Tuesday were inconclusive, and the conflict in eastern Ukraine continued with Kiev releasing videos of captured Russian soldiers.

Meanwhile, Libyan oil production remains strong.

Although August production and August imports from Libya may be the highest in months, it's far from clear [if] the higher levels will be sustained," analyst Tim Evans at Citi Futures says in a note.

He said the deteriorating security situation in Libya has increased the risk of a protracted civil war that may limit oil production.

Late Tuesday, the American Petroleum Institute said U.S. oil stocks fell by 1.3 million barrels last week. The U.S. Energy Information Administration will publish its closely watched data later Wednesday and markets expect an inventory drop of 900,000 barrels.

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