Trafigura Beheer BV failed to sell two cargoes of North Sea Forties blend at lower prices than yesterday. Eni SpA bought Russian Urals at a bigger discount to Dated Brent than the last trade in the Mediterranean.
Oil fell for a fifth day in New York to the lowest price in almost eight months on signs of an economic slowdown in the U.S. and China. London-traded Brent crude dropped from the lowest close in more than a year.
Crude exports from Iraq’s semi- autonomous Kurdish region dropped to 50,000 barrels a day and may cease in a month if the central government refuses to pay about $1.5 billion owed to producers, Kurdish authorities said.
Oil advanced for the first time in three days in New York, trimming a weekly decline as investors bet that fuel demand will increase with an economic recovery in the U.S., the world’s biggest crude consumer.
The international military intervention in Libya risks prolonging the shutdown of North Africa’s most productive oil fields as well as reprisals by Muammar Qaddafi ’s regime against foreign energy assets.
A Baltic Sea oil terminal opened in March by President-Elect Vladimir Putin to boost Russia’s direct access to international markets may weaken the country’s crude price in northern Europe compared with the south.