SINGAPORE: Brent crude fell below $111 on Monday as oil refiners and terminals along the U.S. east coast weathered the worst of a tropical storm, easing fears of fuel supply disruptions in the world's top oil consumer.
Brent crude was down 45 cents at $110.91 a barrel as of 0134 GMT, after settling up 75 cents at $111.36 on Friday. U.S. crude slipped 7 cents to $85.30.
Most oil refineries, terminals and pipelines along the east coast weathered Tropical Storm Irene, downgraded from hurricane levels. Seven refineries with a total of 1.23 million barrels per day capacity - 73 percent of the 1.7 million bpd total in the U.S. Northeast - were in the storm's projected path.
No comments:
Post a Comment