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Monday, February 16, 2015

US crude steady as Libya worries offset dollar gain

U.S. crude futures were steady on Tuesday as gains in the dollar following the collapse of Greek debt talks offset supply concerns stoked by growing violence in Libya and uncertainty over exports from Kurdistan.
NYMEX crude for March delivery was down 1 cent at $52.77 a barrel by 0015 GMT, off a one-week high of $53.69 hit on Monday. There was no settlement on Monday due to a U.S. public holiday, with Monday's activity to be registered on Tuesday.
London Brent crude for April delivery was yet to start trading, after settling down 12 cents at $61.40 a barrel. It touched an intra-day peak of $62.57 a barrel on Monday, the highest since Dec. 22.
<p>Will oil prices rise in 2015?</p> <p>Discussing volatility in the oil price, Charles Whall, portfolio manager at Investec Asset Management, explains why he thinks the oil price will come back up. 

Oil prices got some support on Monday amid supply worries in two big oil producers. Egypt bombed Islamic State targets inside Libya after the group released a video appearing to show the beheading of 21 Egyptians.
In Iraq, a deal aimed at resolving a dispute between Baghdad and Kurdish regional authorities over crude oil exports looked fragile on Monday with the semi-autonomous region's prime minister threatening to withhold exports worth 550,000 barrels per day of oil.


Kuwait's oil minister Ali al-Omair said on Monday that oil prices would continue to rise this year as supply fell, with the current oil surplus already "definitely lower" than 1.8 million barrels per day.
Mexico's state-run oil company Pemex said on Monday it would delay execution of capital projects including major refinery reconfigurations and ultra-low sulfur fuel projects amid slumping crude prices.

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