By Christian Berthelsen
Oil prices slipped Friday amid increasing global supplies and
easing geopolitical tensions, while markets awaited macroeconomic
signals from the central banker retreat in Jackson Hole, Wyo.
Light, sweet crude for October delivery fell 78 cents, or 0.8%,
to $93.18 a barrel on the New York Mercantile Exchange. Brent
futures on the ICE Futures Europe exchange were down 23 cents, or
0.2%, at $102.40 a barrel.
The first tanker of crude from Libya's revived production left
port and was looking for a buyer, Energy Market Institute analyst
Dominick Chirichella said in a note. The Italian tanker Maria
Bottiglieri was expected to be loaded with 600,000 barrels from
Libya's Es Sider terminal, the country's largest.
Meanwhile, there was little news of advances by Islamist rebels
against oil facilities in Iraq, and tensions eased in Ukraine as a
humanitarian-aid convoy from Russia was allowed to deliver aid to
civilians caught in rebel-held territories.
Fed Chairwoman Janet Yellen was expected to make remarks from
Jackson Hole at 10 a.m. EST. "The pre-weekend softness appears
related to caution ahead of today's main event that is expected to
be provided by Janet Yellen's comments," research consultancy
Ritterbusch and Associates said in a note.
Analysts said oil's drop may also have been prompted by a
strengthening dollar in anticipation of Fed comments; oil often
moves inversely to the dollar.
September gasoline futures were down 0.8 cent at $2.7395 a
gallon. September diesel was flat at $2.8374 a gallon.
Eric Yep and Francesca Freeman contributed to this article.
Write to Christian Berthelsen at
christian.berthelsen@wsj.com
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