Trading news

REFILE-Oil price heads for 3rd weekly loss, Brent stays above $108

* Libya output rises to 350,000 bpd after El Shararaoilfield restart
* OPEC world oil market share to shrink in 2015 for 3rdstraight year
By Florence Tan and Theodora D'cruz

SINGAPORE, July 11 (Reuters) - Oil prices were heading fortheir third straight weekly loss on Friday as worries aboutsupply disruptions in the Middle East and North Africa eased,although Brent stayed comfortably above $108 a barrel.

Brent and U.S. crude prices had recovered in the previoussession, ending their longest streak of daily losses in years.But Brent had dropped 12 cents to $108.55 a barrel by0356 GMT on Friday, while U.S. crude fell 14 cents to$102.79.

"The premium on crude oil is coming off a bit. Marketnervousness about the Middle East is dissipating and tradersaren't as nervous as they were a week ago," said Ben Le Brun, amarket analyst at OptionsXpress in Sydney.

Supply concerns eased in the Middle East and Africa despitegeopolitical tensions in Iraq, Libya and Gaza.
Libya's southern El Sharara field is boosting production andhas pushed the country's oil output to 350,000 barrels per day,a spokesman for National Oil Corp said on Thursday.

Analysts warned, however, that it would take months to rampup production and more unrest is possible.
In Iraq, exports from southern Basra ports continued despitean ongoing Islamic insurgency.
Sunni militants battling forces loyal to Iraqi PrimeMinister Nuri al-Maliki broke into a military base in Diyalaprovince northeast of Baghdad on Thursday, a security source anda local official said.

Meanwhile, investors are looking ahead to second quarter GDPdata from China next week to assess fuel demand outlook at theworld's second largest consumer.

"We'll focus on the Chinese data next week and that will bea clearer indication of where prices will be going," Le Brunsaid.
Beijing could implement more stimulus measures to supportgrowth which would lift its oil demand. Chinese crude importsrose 10 percent in the first half this year although analystsattributed the rise to stockpiling.

In the United States, the Energy Department said it wouldhave its planned gasoline stockpile for the Northeast region inplace in time to respond to possible supply disruptions at theheight of the 2014 hurricane season. (Reporting by Florence Tan; Editing by Joseph Radford)

Friday, 11 Jul, 2014 / 6:45

Source : http://www.aetoscg.com/en/news-content.html?id=210102

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