LONDON (MarketWatch) — U.S. benchmark oil futures fell Monday, weakening as investors considered oversupply in the market.
September West Texas Intermediate crude CLU4 -0.77% fell 82 cents, or 0.8%, to $101.26 a barrel.
Recent price volatility for WTI has stemmed from week-to-week U.S. inventory data, wrote Scott Schuberg, chief executive officer at Rivkin Securities, on Monday. A “combined amount of imported and locally produced oil in the U.S. is outstripping consumption, leaving the country with too much supply,” and causing the benchmark oil price to decline.
U.S. oil futures have dropped 3% this month, based on the continuous contract on the New York Mercantile Exchange.
September Brent crude UK:LCOU4 -1.16% on London’s ICE Futures exchange lost 84 cents, or 0.8%, to $107.56 a barrel, with the pullback for Brent coming from profit-booking, “after witnessing significant gains on Friday,” said ICICI Bank. Brent futures on Friday jumped 1.2%.
In Libya on Monday, the interim government asked for international help in the wake of a fire at a large oil depot, the AP reported. The government said the fire broke out as rival militias fought for control of the international airport in Tripoli.
