Reuters reported that oil declined despite fears that conflict in the Middle East may disrupt supply. Gains were suppressed in part due to the expected restart of TransCanada Corp.’s (TSX:TRP) Keystone pipeline.
As quoted in the market news:
Brent December crude edged down 49 cents to $109.65 a barrel by 1:40 p.m. EDT (1740 GMT), having fallen to a session low of $109.47, the lowest Brent price since Oct. 4
Expiring U.S. November crude was down 93 cents at $89.12 a barrel, back below $89.98, the 100-day moving average, a technical level monitored by chart-watching analysts and traders. December was down 97 cents at $89.47.
Brent’s premium to U.S. crude CL-LCO1=R increased and moved back above $20 a barrel.