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NYMEX-U.S. crude holds below $98 as US air strikes ease supply risk
August 11, 2014 / 12:20 AM / 3 years ago

NYMEX-U.S. crude holds below $98 as US air strikes ease supply risk

SEOUL, Aug 11 (Reuters) - U.S. crude futures held below $98 a barrel on Monday in early Asian trade, as U.S. air strikes in Iraq eased investor concerns over the risk of oil supply disruptions from OPEC’s second-largest producer.

FUNDAMENTALS

* U.S. crude gained 1 cent to $97.66 a barrel as of 0001 GMT after settling 31 cents higher in the previous session, but below an intraday high of $98.45.

* Brent lost 11 cents to $104.91 a barrel. It settled 42 cents lower at $105.02 a barrel previously.

* Islamic State militants have killed hundreds of Iraq’s minority Yazidis, burying some alive and taking women as slaves, an Iraqi government minister said on Sunday, as U.S. warplanes again bombed the insurgents and a political deadlock dragged on.

* The United States conducted new air strikes on Islamic State targets near Arbil, the capital of Iraq’s semi-autonomous Kurdish region, the U.S. military’s Central Command said on Sunday.

* The Kurdistan Regional Government’s (KRG) oil pipeline via Turkey is operating normally and pumping 120,000 barrels per day (bpd) of crude oil despite an advance by Islamic State fighters in northern Iraq, sources told Reuters on Friday.

* Oil companies in Iraqi Kurdistan withdrew more staff on Friday as the United States launched air strikes to defend the regional capital Arbil from Islamic State militants and Britain told its citizens to leave.

* OPEC trimmed its 2014 global oil demand growth forecast for a second consecutive month and said the group managed to increase output in July despite violence in Iraq and Libya, pointing to more comfortable global supplies.

MARKETS NEWS

* Wall Street rallied on Friday after Russia said it ended military drills near Ukraine, soothing investor nerves over regional tensions, but bond yields fell in key markets worldwide after U.S. President Barack Obama authorized air strikes in Iraq.

DATA/EVENTS

* The following data is expected on Monday:

DATA AHEAD (GMT)

0500 Japan Consumer confidence index July (Reporting by Meeyoung Cho; Editing by Richard Pullin)

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