Oil slips but forecast fall in US stockpiles lend support

Oil slips but forecast fall in US stockpiles lend support
Published: 06 August 2013
Singapore-U.S. crude futures slipped in early Asian trade on Tuesday as supply risks from key producers such as Libya abate, but a forecast fall in crude stockpiles in the world's biggest oil consumer stemmed losses.

U.S. crude fell 8 cents to $106.48 a barrel by 0012 GMT, sliding for a third day. Brent crude gained 3 cents to $108.73 a barrel after ending 25 cents lower.

U.S. commercial crude oil and gasoline stockpiles are forecast to have fallen last week, while distillate inventories likely rose, a preliminary Reuters poll showed.

Jason Lejonvarn, strategist at Hermes Commodities, tells CNBC that the 110 understates the high geopolitical risk for oil.

Libya's oil output has improved to around 700,000 barrels a day and the government is working to end protests at oil facilities, Oil Minister Abdelbari al-Arusi said.

The North Sea's Buzzard oilfield was expected to begin a restart on Monday, on schedule, after a five-day maintenance shutdown of the Forties oil pipeline, an industry source said.

The pace of growth in the U.S. services sector accelerated in July, picking up from a three-year low as new orders surged to their highest level in five months.

The Federal Reserve is nearer to dialing back its massive bond-buying program after the unemployment rate dropped last month, a top Fed official said on Monday, the second to make that point in as many trading days.
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