Brent Crude Heads for Weekly Decline on Ample Supplies - Bloomberg

Brent Crude Heads for Weekly Decline on Ample Supplies - Bloomberg:



"Brent crude headed for a third weekly loss this month amid speculation that plentiful oil supplies will buffer the market from unrest in the Middle East. West Texas Intermediate was steady in New York.



Futures were little changed in London, down 1.5 percent this week. The broadest Arab-U.S. military coalition since the 1991 Gulf War struck Islamic State targets in Syria, while in Iraq, fighting has largely spared the south, home to three quarters of supply from OPEC’s second-largest crude producer. Libya’s output has risen to 925,000 barrels a day, according to National Oil Corp.



“Although the conflict in Syria hasn’t been completely solved, it looks like the issues are now having less impact on crude prices,” Will Yun, a commodities analyst at Hyundai Futures Co. in Seoul, said by phone today. “With ample supplies, we may see a further decrease in prices.”"



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