Oil prices dips amid profit taking

16-Aug-13

Crude on the Nymex for September delivery dipped to US$106.4, while Brent crude for September delivery settled lower at US$109.5 a barrel. Oil futures fell on Wednesday as investors took profits after three sessions of gains. The markets were also cautious ahead of a US crude inventory report. However, concerns over supplies from OPEC nations Libya and Iraq supported prices, as per Reuters. Notice from Libya was sent to all its customers on Tuesday of no promises on crude deliveries next month as on-off strikes paralysed its major sea terminals. Iraq's oil exports are stagnating compared with a year ago and are set to fall sharply next month while major work is carried out at its vital southern export terminals, industry sources said.