Brent Extends Drop as Mideast Oil Supply Stays Safe; WTI Steady - Bloomberg

Brent Extends Drop as Mideast Oil Supply Stays Safe; WTI Steady - Bloomberg:



"Brent fell for a second day amid speculation that turmoil across the Middle East won’t threaten crude supplies. West Texas Intermediate was steady in New York after a technical issue disrupted electronic trading.



Futures dropped as much as 0.6 percent in London. Libya’s production increased even as Islamist militias seized Tripoli’s international airport, while supply from Iraq remained uninterrupted by its struggle to form a new government. CME Group Inc., the world’s largest futures market, halted most of its Globex platform for about four hours, suspending contracts including oil and commodities.



“The region is in chaos but production continues to rise,” Robin Mills, the head of consulting at Manaar Energy Consulting and Project Management, said by phone from Dubai. “Brent’s been pretty weak. Global demand is still sluggish.”"



'via Blog this'