- POSTED: 26 Aug 2014 05:25
Oil prices traded in a mixed fashion on Monday (Aug 25), with little in the way of major news moving the markets.
NEW YORK: Oil prices traded in a mixed fashion on Monday (Aug 25), with little in the way of major news moving the markets.
US benchmark West Texas Intermediate for October fell 30 cents to close at $93.35 a barrel on the New York Mercantile Exchange. In London trade, Brent crude for October closed at $102.70, up 41 cents from Friday.
The market is "really indecisive today," said Robert Yawger of Mizuho Securities USA, noting "relative weakness in the WTI while Brent was stronger."
The rise in the dollar against other major currencies also put pressure on crude prices, Yawger said. The firming makes dollar-priced crude more expensive for buyers using weaker currencies.
Tim Evans at Citi Futures said that reports of rising June oil inventories in China, the world's second-largest oil consumer after the United States, could "reinforce the market's sense of oversupply."
Monday's trade showed "the same tolerance for geopolitical risk that has become the established norm," Evans said. "Neither further conflict along the Ukrainian border, an ISIS military victory in northeastern Syria, nor escalating conflict in Libya have sparked much buying."