Brent crude oil slips to
Brent crude was
US crude futures fell
US crude slipped more than a dollar to an intraday low of
The outage at
Analysts say they expect global oil production to exceed demand this year and a supply glut has already built up in the West African and European markets.
Worries over geopolitical risks to oil supply have eased despite escalating violence in parts of the
"A stronger dollar and concerns about stalling oil demand especially from
Oil prices remained steady as US job growth slowed more than expected in July.
Non-farm payrolls increased 209,000 last month, less than expected, after surging by 298,000 in June, the
The front of the Brent futures price curve is trading at a heavy discount to later barrels in a formation known as a contango.
This discount has now lasted longer than any since early 2011, Morgan Stanley analyst
Oil investors say they are less worried now than a month ago about the risk to oil supplies from conflicts and civil turmoil despite heavy fighting in many countries.
The conflict threatens to split the country, but has yet to have an impact on near-record oil exports from the south.
Energy investments in
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