Crude Oil futures traded mixed early Wednesday, with West Texas Intermediate holding grounds after yesterday's big slump, and Brent ready to extend a four-day losing streak.
The oil markets were again dominated by a very cautious sentiment this morning, where we can see prices were slightly changed following yesterday's hectic moves. The US benchmark took a breather, but Brent traded near its lowest level in more than a year, after an International Energy Agency (IEA) report signaled ample supplies and even a glut in the Atlantic Basin.
As of 03:48 a.m. ET:
- West Texas Intermediate for September Delivery rose 0.06% to $97.43 a barrel on the New York Mercantile Exchange
- Brent Oil for September delivery fell 0.28% to $102.73 a barrel on the ICE Exchange in London
Meanwhile, the geopolitical tension continue to dominate the futures markets where investors seemed more cautious over the final developments from the embattled Iraq and Libya, still beholding disruption risks amid the lingering tensions in both OPEC members.
Investors will be watching the Energy Information Administration (EIA)'s weekly petroleum update for more clues over demand from the world's largest oil consumer.