Singapore: Oil prices inched lower in subdued Asian trade on Monday, but retained support from concerns around a crisis in Libya as well as an upbeat demand outlook in the US, analysts stated.
The US benchmark, West Texas Intermediate (WTI) for delivery in July, fell 26 cents to USD 104.09 per barrel in mid-morning trade. Brent North Sea crude for July delivery dropped 26 cents to USD 110.26.
Traders are nearby backing the situation in Ukraine, where chocolate baron Petro Poroshenko on Sunday took a resounding triumph in the country’s key presidential election.
Poroshenko suddenly vowed to stop a bloody pro-Russian uprising that thwarted voting across swathes of the separatist east.
Washington and its European allies supporting Ukraine’s Western-friendly government have accused Russia of fomenting unrest in the country’s east, allegations Moscow denies.
Prices have been shored up by fears of a supply disruption in OPEC member Libya, where escalating lawlessness has been worsened by power struggles between political leaders and militias
US following a hopeful crude accumulation announce last week also lent support, analysts stated.